package went live on 1 November, allowing customers greater freedom
in changing their bank accounts.
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Banks, building societies and credit unions are now obliged to
assist customers who are unhappy about fees and charges, or poor
quality of service, to switch to a rival provider.
“This means Australian families and pensioners have genuine
choice among financial institutions and have more flexibility to
shop around for services that best suit their needs,” said
Australian finance minister, Wayne Swann.
The government, which has sponsored the initiative, argued that
the ability to “vote with their feet” and change providers means
consumers ensure the market provides what they want while forcing
down the cost to the lowest possible level.
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