38233 (2024). Arena Williams to the Minister of Commerce and Consumer Affairs

38233 (2024). Arena Williams to the Minister of Commerce and Consumer Affairs: Further to WPQ 37400, if it is already the Minister's view, as set out in his letter of 29 February 2024 to banks, that where banks do not act on possible signs of fraudulent behaviour or suspicious payments they should reimburse customers, why is the Minister waiting until September 2024 for an update from the banking industry on whether they accept his recommendation to investigate a voluntary reimbursement scheme in line with international best practice?

Hon Andrew Bayly: My open letter recommends the banking sector investigate a voluntary reimbursement scheme in line with international best practice. I have given them until the end of September to undertake these investigations and update me. The banking sector is well placed to undertake these investigations.