Australia: ACCC wants another banking inquiry

Australian Competition and Consumer Commission (ACCC) chairman Rod Sims has reportedly sought approval from Treasurer Josh Frydenberg to conduct another inquiry into banks, according to government and regulatory sources. 

The ACCC and the Treasury have reportedly had initial discussions on the matter but no formal request has yet been made.

The inquiry would apparently zero in on issues of customers being treated unfairly by the big banks, including tactics that discourage customers from switching and the exploitation of existing customers in the form of higher fees and interest rates. 

A recent example would be the recent revelations that the big banks are ripping customers off to the tune of hundreds of millions of dollars on international money transfers, foreign cash, travel cards, and credit cards or debit cards.

This request would put substantial pressure on the Morrison Government, which voted against the banking royal commission 27 times and labelled it “a populist whinge.”

Full Content: Sidney Morning Herald

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