Comply with the ePayments Code
Voluntary but industry-standard code covering electronic transaction terms, mistaken internet payments, and unauthorised transactions.
Who must comply
Subscribers (most ADIs and many fintechs).
What triggers it
Subscribing to the Code; providing covered electronic transactions to consumers.
When due
Continuous; compliance reporting per ASIC schedule.
Evidence required
Code subscriber documentation, T&C compliance, complaint handling records, ASIC reporting.
Max penalty
Code-based; reputational + ASIC oversight
Summary
The ePayments Code is a voluntary code that ADIs, payment system operators and many fintechs subscribe to. Covers Terms and Conditions disclosure, statements, mistaken internet payment recovery, and unauthorised transaction liability allocation. ASIC administers; subscribers report compliance.
Enforced by
Industries
Topics
Related obligations
- CWLTHConsumer Credit Hardship Notice (NCC ss 72-73)Credit providers must respond to hardship notice + assess variation request.
- CWLTHHold AER authorisation as energy retailerSelling electricity or gas to small customers requires AER retailer authorisation.
- CWLTHDesign and Distribution Obligations (DDO) — RG 274Issuers + distributors of retail financial products bound by DDO from 5 October 2021.
- CWLTHComply with Telecommunications Consumer Protections (TCP) CodeTelcos must comply with the binding TCP Code covering credit assessment, billing, complaint handling and unwelcome contact.
- CWLTHPayment Service Provider (PSP) licensing reform — implementation pendingTreasury reform of payments licensing to capture digital wallets + Buy Now Pay Later + stored value.
- CWLTHComply with Stored Value Facility rules (banking exception)SVF providers must operate within APRA + Treasury rules on purchased payment facility regulation.
Frequently asked questions
- Who must comply with the ePayments Code?
- Subscribers (most ADIs and many fintechs).
- What triggers the ePayments Code?
- Subscribing to the Code; providing covered electronic transactions to consumers.
- When is the ePayments Code due?
- Continuous; compliance reporting per ASIC schedule.
- What is the maximum penalty for the ePayments Code?
- Code-based; reputational + ASIC oversight
- What evidence is required for the ePayments Code?
- Code subscriber documentation, T&C compliance, complaint handling records, ASIC reporting.
Source: https://asic.gov.au/regulatory-resources/financial-services/epayments-code/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.