Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)

Q67 – How should the EFT Code be reviewed? What alternatives to the current approach should be considered?

There is support for the current Review process, but consumer resources and time are limited. The EFT Code is a complex piece of regulation in a sector that changes rapidly. Participating in the Code Review process requires technical and legal knowledge and is a challenge for consumer stakeholders.

An independent reviewer might be engaged for some technical parts of each Review (for example the proposed Technology Neutrality Review). However, ASIC should continue to coordinate the overall Review process, as ASIC has the greatest knowledge of the history of the Code.