Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)
9. EFT Code, Part B (Obligations)
- Q44 – Should any changes or additions be made to cl 14?
- Q45 – Should operators of facilities regulated under Part B be required to make a transaction history for the facility available on request for a specified period?
- Q46 – Are any aspects of Part B of the EFT Code incompatible with the requirements of the Corporations Act? How should any incompatibility be addressed?
- Q47 – Should the rights to exchange stored value under cl 15 be narrowed?
- Q48 – Should the EFT Code include a requirement that all prepaid facilities regulated by Part B must have a minimum use time (i.e. the time before value expires) of at least 12 months?
- Q49 – Should the EFT Code include a requirement that the use period or date be displayed on any physical device (such as a card) used to make payments in connection with a prepaid facility?
- Q50 – Should the right to a refund of lost or stolen stored value under cl 16 only be mandated for facilities that allow more than a certain amount of value to be prepaid? If so, what should the minimum amount be?
- Q51 – Should there be a requirement that regulated facilities over a certain value include a mechanism (such as PIN security) that allows users to control access to the available value on the facility?
- Q52 – Should the use of unilateral variation clauses in the terms and conditions for facilities regulated under Part B be restricted?
- Q53 – Should the complaint investigation and dispute resolution regime under cl 10 of the EFT Code apply without limitation to Part B facilities and transactions under cl 19?
- Q54 – Should Part B of the EFT Code address the issue of payment finality?