Hot on the heels of the Treasurer's release, on Sunday, of proposed bank account switching measures, Greens MP Adam Bandt yesterday tabled amendments to the Banking Act and the National Consumer Credit Protection Act that include a similar account switching plan and a requirement for insurers to rebate lenders' mortgage insurance premiums when loans are terminated.The Banking and Consumer Credit Protection Amendment (Mobility and Flexibility) Bill 2011 includes two amendments to the Banking Act that cover switching rules and term-deposit disclosures.The Greens' proposal to facilitate easier bank account switching involves a requirement that the new financial institution be required to take over all the customer's direct debits and credits for a minimum of 13 months. The old institution would be required to provide the new institution with all the information necessary to comply with this requirement.This proposal is very similar to one outlined by former Reserve Bank governor Bernie Fraser and endorsed by the Government. Under Fraser's switching proposal, customers would sign a document indicating the switch to their chosen new financial institution and authorising that institution to execute the related processing work on their behalf. The new institution would have the authority to deal with the current provider.In relation to term deposits, approved deposit-taking institutions would be required to give written notice of the interest rate and the term that would apply if the money in the term deposit were to be rolled over. The ADI would also have to provide information about any special rates and other offers on the market at the time. The measure is intended to overcome the practice, identified by the Australian Securities and Investments Commission in a report on the term deposit market last year, of deposit-takers attracting customers with high term-deposit rate "specials" and then offering much lower rates when the deposit is rolled over for another term.The bill also contains two amendments to the National Consumer Credit Protection Act. Lenders would be required to "clearly and prominently" inform borrowers when they take out a loan of the provisions of the act that relate to unconscionable charges.And a mortgage indemnity insurance contract would have to be terminated when the mortgage contract it relates to is terminated. The credit provider would have to pay the debtor "an actuarially fair rebate" of the premium paid under the contract. The credit provider, in turn, would be able to recover this cost from the insurer.This requirement reflects current industry practice but would give the Government the power to determine what is fair.In Sunday's announcement, the Government introduced a requirement for a mandatory one-page fact sheet to help consumers understand "the cost and benefits of lenders' mortgage insurance" when they take out a home loan.The aim is to allow consumers to compare quotes, including different premiums and rebate schedules. The Treasurer's press release said Treasury had advised against the introduction of a scheme to allow the transfer of lenders' mortgage insurance between lenders because it would be "expensive, extremely complex to implement and administer, and would likely