Australian government mandates banks to inform customers of interest rate and offer changes, promoting transparent consumer dealings.
The Australian government will require banks to alert customers about changes in their interest rates and promotional offers, aiming to help consumers get better deals. Banks will be forced to be upfront about their deposit products, simplify paperwork, and provide clearer information to mortgage customers, making it easier for people to switch to better products. These changes are backed by the Australian Competition and Consumer Commission and are part of the federal government's broader agenda of competition-focused reforms.
June 14, 2024
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