Ex-ASIC manager to review banking code watchdog By Sarah Simpkins 05 August 2021
An independent body that monitors the banks’ behaviour has commenced a review, as it is assessing its industry code of practice.
The Banking Code Compliance Committee (BCCC), a body that monitors banks’ compliance with the Banking Code of Practice, has started an independent review of its activities.
Phil Khoury, principal at consultant cameron. ralph. khoury, has been picked to conduct the review of the BCCC, having previously assessed the committee and the banking code.
Previously, Mr Khoury appeared before the banking royal commission in his capacity as a reviewer of the Banking Code of Practice. He has also been an executive general manager with ASIC
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Apple under fire from banks and regulators on payment app restrictions
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Major banks and regulators want a parliamentary committee to probe the restrictions Apple has placed on third-parties accessing the payment functions of its iPhone, to ensure the fast-growing market for digital wallets is competitive.
Banks say smartphones have become “critical gateways” for making payments, but given Apple and Google have payment applications that compete with banks, “competition questions may arise because of their ability to self-preference” Apple Pay and Google Pay over banks’ own apps.
The parliamentary joint committee on corporations and financial services will conduct hearings on Monday and Tuesday next week to examine the surging use of mobile phones to make payments. Behind the seamless process of waving a phone at a payments terminal instead of a physical card, banks and tech giants are locked in a fight over control of digital wallets.