AUSTRALIAN Financial Commission chairman Peter Low said the move was “a significant and overdue step forward in the long-term reform of the sector and a step towards a more transparent, accountable and accountable financial system”.
“We are committed to providing Australians with the information and the choices that will enable them to make their financial decisions, while ensuring that financial transactions are conducted with confidence,” Mr Low said.
“This change will allow consumers to make the right financial choices without being distracted by their bank account details.”
This is not a change that will impact all consumers, and it is not for everyone.
For those people, it may mean they will have to switch to a different banking service.