ASIC Releases Updated ePayments Code to Cement Consumer Protection

ASIC has today published the updated ePayments Code (the Code) to provide enhancements to and clarity on a number of existing protections for consumers. 

In addition to extending the Code to cover payments made using the New Payments Platform, ASIC has also updated the following areas of the Code: 

• compliance monitoring and data collection; 

• mistaken internet payments; 

• unauthorised transactions; 

• complaints handling; and 

• ​facility expiry dates. 

The changes strengthen the Code’s protections by removing ambiguity and, where appropriate, expanding protections. 

“The ePayments Code plays an important role in reinforcing consumers’ confidence and trust in making electronic payments. These updates will ensure the Code remains relevant now and for the foreseeable future” said Commissioner Sean Hughes.