ACCC notes withdrawal of basic bank account agreement proposal.

0 Comments | M2 Presswire, December, 2002

M2 PRESSWIRE-23 December 2002-ACCC: ACCC notes withdrawal of basic bank account agreement proposal(C)1994-2002 M2 COMMUNICATIONS LTD RDATE:12232002 The Australian Competition and Consumer Commission noted that the Australian Bankers Association had withdrawn an application for authorisation* of a proposed arrangement by 10 member banks** to collectively agree to offer a basic bank account with agreed minimum features to low income consumers.

The decision comes after the ACCC announced that it intended to reject the proposal because it was concerned that it had the potential to dampen competition between the major banks and result in the proposed minimum features becoming the de facto industry standard. In its draft determination the ACCC noted that...