On 4 December 2024, the ACCC granted interim authorisation with conditions to the Australian Banking Association Ltd (ABA) to continue arrangements regarding its Banking Code of Practice. In particular, interim authorisation allows ABA member banks to continue to set minimum criteria for eligibility and mandate minimum features for basic accounts, stipulate certain special features of basic accounts, low fee and no fee accounts, and suspend default interest charges for farming loans during a drought or natural disaster.
Interim authorisation is granted with the same conditions as imposed in the previous authorisation, save for certain reporting requirements.
Interim authorisation will enable the ACCC to continue its assessment of the substantive application AA1000683 for revocation and substitution, including consideration of any issues raised by interested parties in submissions.
Further information about the ACCC’s interim decision is available on the ACCC’s public register.