BSB has published its Consumer Framework designed to show what good banking outcomes look like to consumers. Following consultation feedback, the BSB has made some adjustments to its draft principles and examples of how the outcome should look. The principles focus on:
- access to firms, products and services that meet consumer needs and capabilities over their lifetime and in different personal circumstances;
- clarity and transparency in product and service sales and descriptions, fees and charges;
- safety and security of consumer assets and data;
- easy to access forms of redress, with consumers being appropriately listened to and feeling appropriately cared for; and
- fair and appropriate product provision, irrespective of a consumer’s individual circumstances, and that do not take advantage of customer loyalty.