fbpx
Skip to main content
Click here for the new Financial Assistance Hub

Royal Commission changes to Banking Code go live tomorrow

29 February 2020

Changes to the Banking Code of Practice as recommended by the Royal Commission will go live tomorrow.

The changes coming into effect, as recommended by Commissioner Hayne in his Final Report, include:

  • Ceasing default interest on agricultural loans while farms are affected by drought or natural disaster
  • Ensuring services to people with limited English and those living in remote areas are inclusive and accessible
  • Removing overdraft and dishonour fees on basic, low fee or no fee accounts for concession card holders
  • Guaranteed features for basic bank accounts.

“The banking industry has been working hard to implement the recommendations of Commissioner Hayne’s final report, which included important changes to the Banking Code of Practice”

Anna Bligh, ABA CEO

In addition to the Royal Commission recommendations, the industry has also guaranteed features for basic bank accounts.

Australian Banking Association CEO Anna Bligh said the industry has fulfilled its commitment to bolstering its Banking Code of Practice by implementing Commissioner Hayne’s recommendations.

“The banking industry has been working hard to implement the recommendations of Commissioner Hayne’s final report, which included important changes to the Banking Code of Practice,” Ms Bligh said.

“Initiatives such as guaranteed features for basic bank accounts across the industry and ensuring inclusive and accessible services for people with limited English or who live in a remote area address specific issues raised by Commissioner Hayne is his final report.

“These changes come into full effect from tomorrow and will form part of the promises made to customers through the industry’s Banking Code of Practice.

“These changes to the Code are in addition to a number of actions already taken by banks as a direct result of the Royal Commission, including ending fees for no service and a remediation bill topping $5.8 billion in the 12 months since the final report,” she said. 

ENDS

Contact: Rory Grant 0475 741 007



Latest news

1 / 3
Event
Scams & Cybercrime: ABA Webinar
28 September 2021

A deep dive with industry experts on ‘upstream’ issues for regulators, law enforcement and industry fighting industrial scale scammers.

Read more
Transcript
Threats and charms: how to avoid scammmers and their tricks
23 September 2021

As more Australians experience financial scams, the ABA has launched a new campaign to raise awareness on the increasing threat of scams, warning Australians to be on the lookout for scam phone calls, texts and emails. FULL TRANSCRIPT: ABA CEO Anna Bligh spoke with ABC Radio’s Ross Marsden. Ross Marsden  The Australian Banking Association has… Read more »

Read more
Media Releases
ABA launches new awareness campaign as scams grow
22 September 2021

“Scammers don’t target one group over another, they target all people of all backgrounds, ages and income levels across Australia.”

Read more