The competition regulator has criticised the banks for opaque and complex retail deposit pricing, recommending new regulations that require customers to be notified of rate changes, and improve the ability of savers to compare returns on competing deposit products.
The ACCC sees “enormous potential” for a bank account portability regime to increase customer switching, and called for a separate review to examine possible models.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
