Description of Conduct

On 17 April 2023, the Commonwealth Bank of Australia, Westpac Banking Corporation, Australia and New Zealand Banking Group Limited, National Australia Bank Limited and Macquarie Bank Limited (the Applicants) applied to the ACCC seeking authorisation to make and give effect to agreements and arrangements to establish a voluntary industry-wide program for participating mortgage lenders to jointly procure assurance reviews of the compliance systems and standards of participating mortgage aggregators (the Program).

Authorisation was sought for 5 years.

On 18 September 2023, the ACCC issued a draft determination proposing to deny authorisation. A copy of the ACCC’s draft determination is available below.

On 5 October 2023, the date by which the ACCC must make a final determination was extended, with the agreement of the Applicants, until 16 April 2024.

On 13 December 2023, the Applicants provided a submission in response to the draft determination. The Applicants’ submission included details of modification to the Program that the Applicants proposed to make.

On 11 April 2024, the ACCC issued a final determination granting authorisation, with conditions, for the Applicants and other industry participants to develop and implement a program to collectively acquire assurance services in relation to mortgage aggregators. The conditions reflect the key elements that the ACCC considers are necessary to be implemented in order for it to be satisfied that the authorisation test is met with respect to the conduct. Authorisation was granted until 3 May 2029.

The ACCC’s final determination and the application are available below.

Applicant(s)

  • COMMONWEALTH BANK OF AUSTRALIA
  • WESTPAC BANKING CORPORATION
  • AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
  • NATIONAL AUSTRALIA BANK LIMITED
  • MACQUARIE BANK LIMITED

Authorisation number(s)

  • AA1000640-1