The Australian Competition and Consumer Commission (ACCC) granted interim authorization with conditions to the Australian Banking Association (ABA), allowing member banks to continue certain provisions of the Banking Code of Practice, the regulator said in a statement Wednesday.
This includes setting minimum eligibility criteria and features for basic accounts, mandating low- or no-fee account features, and suspending default interest on farming loans during droughts or natural disasters, the ACCC said.
The interim authorization retains conditions from a previous approval, with updated reporting requirements.
Through the interim authorization, Australia's consumer watchdog will continue its assessment of the application for revocation and substitution, considering public submissions.
The ABA represents financial services firms across Australia, including ANZ Group (ASX:ANZ, NZE:ANZ), Bendigo and Adelaide Bank (ASX:BEN), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), National Australia Bank (ASX:NAB), Suncorp (ASX:SUN), Cuscal (ASX:CCL), and Westpac Banking Corporation (ASX:WBC, NZE:WBC).
In recent Thursday trade, the shares of Commonwealth Bank of Australia and Westpac Banking each jumped almost 1%, shares of AMP gained about 2%, and shares of Cuscal rose past 2%.
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