The ACCC has issued a final determination granting authorisation to the Australian Banking Association and its member banks to continue to work together on developing financial relief programs for customers suffering hardship in the current COVID-19 pandemic conditions.
Re-authorisation was sought because an existing authorisation for the same conduct was due to expire on 14 August 2021. On 12 August 2021, the ACCC granted interim authorisation to allow the arrangements to continue while the application for re-authorisation was considered.
The ACCC considers that the conduct is likely to continue to result in public benefits that outweigh any likely public detriments, and has decided to grant re-authorisation on broadly the same terms and with similar conditions to the previous authorisation, until 30 June 2022.
Broadly, the ACCC re-authorisation enables members of the ABA to discuss, agree, and give effect to any contract, arrangement or understanding between them for the benefit of their customers with the purpose of providing financial relief and assistance to customers, supporting government initiatives and ensuring high levels of customer service and access to banking.
The conditions require the ABA to report certain information to the ACCC to assist in the efficient monitoring of the authorised conduct and ensure that any arrangement reached under the Conduct was for the authorised purpose.
Copies of the ACCC’s final determinations are available on the ACCC’s public register at: Australian Banking Association (financial relief programs)