Galexia

Submission - Joint response to the Review of the Electronic Funds Transfer Code of Conduct (2008)

Proposal D5


[ Galexia Dots ]

We propose to amend the EFT Code to introduce a six-year time limit for complaints. The limit would run from the time that the complainant first became aware, or should reasonably have become aware, of the event that the complaint is about.

 

D5Q1 Do you agree with this proposal? Please give reasons.

Consumer stakeholders are concerned that the period should only begin when the consumer becomes aware of the breach, and that financial institutions do not unfairly rely on limitation periods to discourage legitimate complaints. Consumer stakeholders support a six-year time limit.