Posted October 11, 2018 04:17:04 Government will not force banks or other financial institutions to create digital access services for customers, the Australian Competition and Consumer Commission said Thursday.
The agency is seeking comment on a proposed amendment to the Financial Services Modernisation Act.
It was seeking submissions on whether the commission should be allowed to make a final ruling on whether banks and other financial services providers should be required to provide access to digital services to customers.
In a letter sent to the industry, the ACCC’s competition and consumer division director, Joanna O’Neill, said the commission had considered the public’s concerns about the introduction of digital services for consumers.
The ACCC says banks and financial institutions are already providing customers with access to their accounts and checking accounts, with no specific requirement that customers use these services.
Banks and financial services companies say they will not create a service that would make digital access an essential service for customers.
The consumer watchdog has also asked the Government for guidance on whether online banking is “essential” for people to access their savings and credit information.
Banks say they can provide the service without requiring customers to provide their credit or savings details.
The banking industry is concerned the ACCCs proposed amendment would impose burdens on financial institutions and customers.