The Australian Financial Markets Association has hired Ernst & Young to advise on the selection of a new administrator of the bank bill swap rate. The BBSW rate setting process is being overhauled and, as part of that, AFMA will no longer be the administrator. The Financial Stability Board has said it expects the new administrator to be subject to regulation. AFMA has invited interested parties to register their interest with EY. The High Court will deliver its long-awaited ruling on Australia's largest consumer class action, the unfair bank fees case being run by Maurice Blackburn Lawyers, at 10 am this morning (Wednesday 27 July). The case, which has been on foot since 2010, and has been through a Federal Court trial and appeal process, will now reach its final determination in the High Court. If successful, the case will benefit hundreds of thousands of everyday Australian bank customers that have incurred late payment fees on credit cards. The case is supported by litigation funder IMF Bentham.