ASIC consults on changes to EFT Code of Conduct

ASIC has released Consultation Paper 90, Review of the EFT Code of Conduct: ASIC Proposals proposing changes to the Electronic Funds Transfer Code of Conduct (EFT Code).

The Consultation Paper proposes:

• making it easier for subscribers to deliver required information to consumers electronically;
• further promotion of the EFT Code, for example, introducing a logo signifying that a business is a subscriber;
• redrafting the EFT Code in plain English; and
• dealing with mistaken internet payments through the EFT Code.

The consultation paper proposes retaining the existing, long-standing rules on liability for disputed transactions.

The EFT Code protects individual consumers when they perform electronic transactions. The consultation paper also asks whether the Code should be extended to protect small business consumers as well as individuals.

Submissions close on 5 December 2008.