Government announces new rules forcing banks to ensure better transparency for customers
Banks will soon be forced to be more upfront with customers while regional banks could be given extra powers to help them compete against the major banks.
Government announces new rules forcing banks to ensure better transparency for customers
It is part of a range of measures announced by the government to ensure better transparency between companies and customers.
Under the new proposal, companies will be required to notify customers when the interest rate on transactional or savings accounts changes.
Banks will also be compelled to offer more straightforward mortgage paperwork and provide upfront details about deposit products.