On 1 July 2020, the ACCC issued a draft determination proposing to grant conditional authorisation to the ABA. Conditional authorisation will allow participating member banks to continue to discuss, agree and give effect to any contract, arrangement or understanding between them (and potentially third-party suppliers and/or agents) to benefit their customers. The conduct proposed to be authorised covers arrangements that have the purpose of deferring or varying loan facilities for customers, supporting government initiatives to provide emergency relief for individuals and businesses, or ensuring continued high levels of customer service and access to banking services.
The ACCC is now inviting submissions on the draft determination by Friday, 17 July 2020.
More information about the ACCC’s draft determination is available on the ACCC's public register at: Australian Banking Association (financial relief programs).