Australian consumers will be able to challenge contract terms considered unfair, including bank exit fees, under a proposed Federal Government law.
Assistant Treasurer Chris Bowen said the terms, which applied to standard-form contracts, would include indirect costs such as exit, default and penalty fees. The proposed law means consumers could be able to leave banks without penalty if, for example, their bank did not pass on rate cuts.
Reaction from the banks in today's Canberra Times
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