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Proposed changes to EFT Code of Conduct
What's new?
ASIC has released a consultation paper proposing changes to the Electronic Funds Transfer Code of Conduct (EFT Code).
The EFT Code is a voluntary industry code of practice covering all forms of consumer electronic payment transactions. It regulates consumer ATM and EFTPOS transactions, card-not-present credit card transactions, telephone and internet banking, stored value cards and other stored value products.
The EFT Code only applies to businesses that subscribe to it but the overwhelming majority of banks, building societies and credit unions offering electronic payments subscribe.
The EFT Code protects individual consumers when they perform electronic transactions.
ASIC is responsible for administering the EFT Code and reviews it periodically. Proposals for change include:
- making it easier for subscribers to deliver required information to consumers electronically;
- further promotion of the EFT Code, for example, introducing a logo signifying that a business is a subscriber;
- redrafting the EFT Code in plain English; and
- dealing with mistaken internet payments through the EFT Code.
The consultation paper also asks whether the Code should be extended to protect small business consumers as well as individuals. It proposes retaining the existing, long-standing rules on liability for disputed transactions.
Submissions are sought by 5 December 2008.
Further information
Contact your Certainty consultant at (02) 9238 8091 or enquiries@certaintycompliance.com.au
Link to ASIC Publications: Consultation Paper 90: Review of the EFT Code - ASIC Proposals