C515

Pre-selection

CURRENT

The Code was revised in 2015 to:

• amend the definition of Customer Authorisation to ensure consistency with its usage in other industry documents;
• remove clauses on Reversals during the cooling off period as the Australian Consumer Law stipulates that provisioning cannot take place during the cooling off period;
• remove the ten Business Day notification period for the Gaining PSD to advise the Customer that the change in Pre-selection has been either completed or rejected, to ensure consistency with the TCP Code (C628:2015);
• update references to relevant legislative instruments;
• remove the requirement that a Gaining PSD must advise the Customer that an Unauthorised Churn has occurred ‘in writing’, as other means of providing information are also used in day to day operations; and
• remove Schedule 2- Customer Authorisation, with the intent being captured in the Customer Authorisation Industry Guideline (G651:2015).

The Code was reconfirmed in 2021 and the next review is scheduled to occur in 2026.