In principal portable bank accounts get big tick
(21 January 2011 – Australia) Banking watchdog, Australian Securities and Investments Commission (ASIC) said today that bank accounts with the portability of mobile phones number would promote banking competition and were a "very good idea".
Greg Kirk, senior executive leader ASIC, made the comment when asked about the feasibility of portable bank accounts at the senate inquiry into banking competition, however said that ASIC had not independently research such a system.
"Relationships customers have with their bank and the arrangements they have with payments to third parties make it necessarily complex to switch (banks)", Mr Kirk told the inquiry into banking sector competition."
"A lot of things have to be changed."
"If it can be done, intuitively it is hard to see why it wouldn't make switching a lot easier - if you just switched your whole account and you moved your number across and everything that was attached to that number moved across automatically.
"It sounds like a very good idea, and a very good thing to promote switching and to promote competition.
"But we wait for the outcome of that review in terms of how feasible it is."
"Relationships customers have with their bank and the arrangements they have with payments to third parties make it necessarily complex to switch (banks)", Mr Kirk told the inquiry into banking sector competition."
"A lot of things have to be changed."
"If it can be done, intuitively it is hard to see why it wouldn't make switching a lot easier - if you just switched your whole account and you moved your number across and everything that was attached to that number moved across automatically.
"It sounds like a very good idea, and a very good thing to promote switching and to promote competition.
"But we wait for the outcome of that review in terms of how feasible it is."
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