Potential Policy Responses to De-banking in Australia
In March 2022, the then Government issued Terms of Reference requesting that the Council of Financial Regulators work with AUSTRAC, the ACCC and the Department of Home Affairs to provide advice on potential policy responses to address de-banking in selected industries in Australia. De-banking occurs when a bank declines to offer a core banking service to, or withdraws a core banking service from, a customer.
A working group led by Treasury and comprising representatives from the above agencies has examined key trends in de-banking and policy options. This process involved consulting with representatives from the banking, financial technology, digital currency and remittance industries.
The Council provided its advice to the Treasurer in late August 2022.Top