FCA Submission to the Senate Standing Committee on Community Affairs Inquiry into the Social Security Legislation Amendment (Debit Card Trial) Bill 2015

Submission to: Treasury
FCA welcomes the opportunity to respond to this review of the Code. FCA supports the continuation of compulsory unit pricing, however, we believe the Review and Exposure Draft should seize this opportunity to address inherent flaws in the existing Code as this will benefit both consumers and the wider economy.

Submission to: Australian Banking Association
Submission calls for the Banking Code of Practice to include among other changes: further principles and specific provisions to better protect vulnerable people; to more imaginatively set out critical information that people need to know instead of relying on the “fine print”; training for staff to help them ask direct questions about relevant personal characteristics that leave a person more vulnerable; and providing actual access in remote areas, such as pop-up banking.