Control of Financial Services (Regulated Financial Services) Law (Amendment – Disclosure of Information on Fees and Interest Rates by a Financial Service Provider) Bill

What does the bill do?

The proposal provides that regulated financial service providers will be required to give their customers in writing, at the beginning of each month, a notice detailing the total fees and interest charged to the customer in the previous month, and to make sure the customer knows of their right to receive a full breakdown. The notice will be sent by an immediate and accessible written means of communication, unless the customer requested otherwise, or by another means through which the service provider sends notices to the customer. In cases where the customer cannot receive a written notice, a voice notice will be given as an alternative, and the minister may set additional provisions on this matter.