Bank account switching made easier

Banks must embrace the new account switching arrangements which must be in place on the 1st of November if they are to avoid additional government action to force competition on the industry says treasurer Wayne Swan. Mr Swan says consumers will be able to apply for compensation through the Financial Ombudsman Service if they do not receive the full switching service from their bank. The government has asked ASIC to monitor the bank's implementation of the reform package.

Source: Herald Sun