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 invites submissions in response to the consultation paper by Monday 30 April 2007. (The submission date has been extended by two weeks in response to stakeholder requests.)
What happens next?
Submissions will be considered and the Code redrafted by a stakeholder working group, chaired by ASIC, to be appointed in early 2007. The working group will include representatives of relevant industry, consumer, dispute resolution scheme and government stakeholders, as well as other experts in the electronic payments area.
There will be a further public consultation on a revised draft code once the working group has completed its initial redrafting of the Code.
Questions about the Review
If you have any questions, please call Ailsa Goodwin, the contact officer for the Review, on 03 9280 3439 or send a message to ailsa.goodwin@asic.gov.au.
Lodging your submission
We prefer that submissions be lodged electronically if possible. Electronic address for submissions: eftreview@asic.gov.au
Postal address for submissions:
Ailsa Goodwin
Review contact officer
EFT Code of Conduct Review
Australian Securities and Investments Commission
GPO Box 9827, Sydney NSW 2001
