media release (19-049MR)

ASIC consults on coverage of ePayments Code review


ASIC has today released a consultation paper (CP 310) seeking feedback on the proposed coverage of its review of the ePayments Code. 

We are undertaking a review of the ePayments Code to ensure it continues to be effective and relevant to consumers and Code subscribers. The review will focus on testing the effectiveness of the following areas in the Code:

  • complaints handling;
  • unauthorised transactions; 
  • data reporting; and
  • mistaken internet payments.

The review will also consider options for future-proofing the Code. Since our previous comprehensive review of the Code in December 2010, there have been significant developments in the payments environment. These include changes to the ways consumers make payments (with the declining use of cash and the increasing availability and use of mobile payments technology). The current wording of the ePayments Code may not adequately cater for these developments, and this may have implications for the Code’s ongoing effectiveness and relevance. 

Another area that we would like to explore is the extent to which the Code’s protections should be available to small business consumers. 

This consultation paper is designed to assist us to define the scope of our review. We encourage feedback from all interested parties.

ASIC will use the feedback to consider whether and in what ways the Code needs to be amended. We will invite further feedback on our proposed amendments in due course. 

Submissions are due by 5 April 2019. 


The ePayments Code provides important consumer protections in relation to electronic payments, including ATM, EFTPOS, credit/debit card transactions, online payments, internet and mobile banking. For example, there is a general principle in the Code that banking customers will not be liable for unauthorised transactions on their accounts if they have taken reasonable steps to protect their accounts. The Code also sets out a process for banking customers to get help from their financial institution in retrieving funds they have mistakenly paid to the wrong person.

Most banks, credit unions and building societies in Australia, as well as a small number of other providers of electronic payment services, subscribe to the Code. 

ASIC is responsible for administering the Code, including reviewing it regularly. Our most recent comprehensive review of the Code was in December 2010. 


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