Review of the Electronic Funds Transfer Code of Conduct (2007)
On 12 January 2007, ASIC released a consultation paper initiating the public phase of a review of the Electronic Funds Transfer Code of Conduct (EFT Code). The EFT Code is a voluntary industry code of practice covering all forms of consumer electronic payments transactions. ASIC is responsible for administration of the Code, including conducting periodic reviews.
ASIC invited submissions in response to the consultation paper by Monday 30 April 2007. (The submission date was extended beyond the original closing date by two weeks in response to stakeholder requests.)
What happened next?
Submissions were considered and the Code redrafted by a stakeholder working group, chaired by ASIC, and appointed in early 2007. The working group included representatives of relevant industry, consumer, dispute resolution scheme and government stakeholders, as well as other experts in the electronic payments area.
Further public consultation on the revised draft codewas planned once the working group has completed its initial redrafting of the Code.