The ACCC proposes to grant authorisation with conditions until 30 June 2024 for Australian Banking Association Ltd (ABA) and its member banks to participate in discussions to develop an industry standard to prevent, detect, and disrupt scams affecting individual and small business customers.
The ACCC considers that there would likely be public benefits in the form of facilitating development of initiatives to prevent avoidable scam losses period prior to the Government’s planned development of a legislated industry-wide mandatory code of conduct.
The ACCC considers that collaboration that would limit or impact access to redress for consumer or business customers would be a public detriment and has proposed reporting conditions to mitigate that detriment.
Interim authorisation with conditions was granted on 3 August 2023 and will remain in place until the date the ACCC’s final determination comes into effect or until the ACCC decides to revoke interim authorisation. The ABA will continue to provide regular reports to the ACCC about the initiatives they propose and will also report on consultation it undertakes with customers and small business groups.
The ACCC is now seeking submissions in response to the draft determination by 10 November 2023 before making its final determination. Further details about the application and how to make a submission are available on the ACCC’s public register.