The ABA's submission recommends that the Inquiry's deliberations on disclosure be directed to the existing Australian Securities and Investment Commission Fee Disclosure Working Group, which has the objective of providing consumers with the opportunity to better understand the transaction fees structures applying so they can make informed choices. For those that do pay fees, the financial services sector provides affordable banking to the community.
Banks also provide a great deal of support for many people with special needs.
There are fee-free accounts offered by banks to children, people with disabilities, pensioners and students. Mr Oughton said that financial service providers already provide a high level of disclosure to their customers with brochures to help minimise fees, carry up to date fee information in branches and on-line, and more specific information on the nature of fees incurred. Mr Oughton said calls by some organisations for the premature introduction of real-time fee disclosure could result in customers paying more for burdensome information and this needs to be tested with consumers. The timing and extent of all disclosure must be left to consumer preferences and technological advances, rather than prescriptive codes or legislation.