What the ACCC does

  • We accept reports about possible breaches of competition law by financial services providers. This includes foreign currency suppliers, banks, non-bank lenders, fintechs and superannuation funds.

What the ACCC can't do

ACCC inquiries into banking or finance

Finalised inquiries

Retail deposits inquiry 2023

On 14 February 2023, the Treasurer directed the ACCC to conduct an inquiry into the market for retail deposit products supplied by authorised deposit-taking institutions. It includes how banks set interest rates, as well as other terms and conditions.

Home loan price inquiry 2019-20

On 14 October 2019, the Treasurer directed the ACCC to conduct an inquiry into home loan pricing. The Treasurer directed that the Inquiry cover the period from 1 January 2019 and impediments to consumers switching to alternative home loan suppliers.

Initiatives

Image of a persons hands using laptop and phone

The Consumer Data Right

The Consumer Data Right allows consumers to safely share the data that businesses hold about them. This can help consumers to compare products to find offers. Banking and energy data is already available for consumers to share, with other sectors to follow.

Rules and advice for business and consumers

Foreign currency and money exchange

There are many suppliers of foreign currency services, not just banks. To get the best price we recommend you compare different suppliers and be prepared to switch between them.

ACCC action in the banking and finance industry

Experian’s proposed acquisition of illion not opposed

The ACCC will not oppose the acquisition of Credit Data Solutions Pty Ltd (illion) by Experian Australia Credit Services Pty Ltd (Experian). They supply consumer credit reporting services in Australia, and other services, including credit decisioning software solutions, marketing services, categorisation solutions and identity verification services

Industry to continue collaborating on cash transit arrangements

The ACCC has granted authorisation with conditions to the Australian Banking Association (ABA), the Customer Owned Banking Association, banks, retailers and other industry participants to allow them to continue developing responses to support the distribution of cash across Australia.
See media releases on banking and finance