The ABA made a big splash when relaunching the revised Banking Code of Conduct which starts today, and yes it is a small win for consumers and SME’s. However, we must ask this: since when are such financial service basic hygiene issues as not charging for no service, advising before charging, considering credit card repayment capacity, speaking in plain English and offering suitable low-fee products, seen as so revolutionary?
Frankly put, these are issues which an industry which truly focused on the well-being of its customers would have long ago addressed. They did not, and were dragged towards better outcomes by the Royal Commission and public pressure.
So, yes, important baby steps, but still a massive leap is required to the desired level of customer-centricity. There is nothing bold or innovative here.
We look at how the changes in China’s economy might impact Australia. Although Q1 GDP data was better than expected, some analysts are predicting...
This is our weekly market update, where we start in the US, cross to Europe and Asia, and end in Australia, covering commodities and...
Today Who’s Really Calling The Housing Lending Shots? We look at more Government Meddling in the housing market, as the First Home Deposit schemes...