Submission - Joint submission to the 2007 Review of the Electronic Funds Transfer (EFT) Code of Conduct to ASIC (May 2007)

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Q36 – Should the standard of ‘unreasonably delaying notification’ under cl 5.5(b) be replaced by a specific time after which the account holder is liable? What would be an appropriate time, if such a change were introduced?

This issue appears to be adequately addressed in Guidelines issued by external dispute resolution providers, such as the Banking and Financial Services Ombudsman.[44] As it has been the subject of considerable debate and guidance at that level, it may be difficult to remove the current test and replace it with a specific timeline.

[44] Banking and Financial Services Ombudsman, Policies and Procedures Manual, <http://www.bfso.org.au/abioweb/ABIOWebSite.nsf/Level2Docs/C260E55223CF6FFACA256C23001D15F1/$File/Policies&Procedures_Manual_061219.pdf?OpenElement>.

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