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see what’s happened in the Australian banking sector
“The BCCC plays a strategic function in monitoring the effectiveness of the new Banking Code of Practice and shaping good industry practice”
In force since July 1 last year, the new ASIC-approved Banking Code of Practice contains a big step up in protections for customers.
Australians affected by the catastrophic bushfires across parts of Australia are encouraged to contact their bank to access a wide range of assistance available.
Senior bank representatives have today heard firsthand of worsening drought conditions from farmers affected at a roundtable convened by AgForce Queensland. The roundtable, held at the request of AgForce just outside Toowoomba in Nobby, brought together senior banking representatives responsible for agricultural lending as well as local farmers and community groups. CEO of the Australian… Read more »
The Australian Securities and Investments Commission (ASIC) has given the final approval for a new version of the Banking Code of Practice 2019 that implements recommendations of the Royal Commission. The approval comes after the Australian Competition and Consumer Commission (ACCC) gave authorisation in November this year for the Royal Commission changes to the Code… Read more »
Today’s release of ASIC’s updated RG 209 Credit Licensing: Responsible lending obligations is an important milestone in clarifying responsible lending obligations for banks. CEO of the Australian Banking Association Anna Bligh said that the updated RG 209 would provide clarity to banks on ASIC’s views on what responsible lending obligations require before offering credit to… Read more »
Today the Australian Banking Association has released a consultation paper on the use of credit cards for gambling. Banks have introduced a range of initiatives to help customers better manage their financial arrangements and mitigate harms related to problem gambling – technology solutions such as tools to help customers track their spending, customer directed blocks,… Read more »
Today the Australian Banking Association Council has appointed Matt Comyn, CEO of CBA, as Chair and Marnie Baker, Managing Director of Bendigo and Adelaide Bank, as Deputy Chair at its Annual General Meeting. The Council thanked the outgoing Chair, Shayne Elliott, and Deputy Chair, David Carter for their leadership of the industry during their tenure…. Read more »
Today’s decision by the Council of Attorneys General in Adelaide to set baseline minimum standards for Powers of Attorney and create a mandatory national online register is a big leap forward to combating elder financial abuse. The coalition to fight elder financial abuse, backed by Bauer Media, includes the Australian Banking Association, the Seniors Rights… Read more »
Australia’s banks along with older persons advocacy groups are calling on state and federal governments to agree to establish a national online register of Powers of Attorney at tomorrow’s Council of Attorneys General meeting in Adelaide. The renewed call comes as banks release a new guide designed to help older people avoid abuse, scams and… Read more »
Today’s authorisation by the Australian Competition and Consumer Commission (ACCC) of changes to the Banking Code of Practice, as recommended by Commissioner Hayne in his final report, is an important step in further strengthening protections for customers. Changes recommended, and now authorised by the ACCC, include: Banning charging default interest on distressed agricultural loans Providing inclusive and accessible banking services to… Read more »
New guidelines to be applied by Australia’s banks to debt collection agencies have been released today, providing a major step up in safeguards to ensure vulnerable customers are protected. The new guidelines outline the process banks must follow before they sell any debt and also what happens once that debt is sold. This includes: Proactively… Read more »
Australians facing financial difficulties as a result of fires raging across New South Wales and Queensland are being encouraged to contact their bank for assistance when they are able to do so. CEO of the Australian Banking Association Anna Bligh said that banks have hardship teams ready to assist customers affected by the fires. … Read more »
The Stop Elder Financial Abuse campaign today held a Federal Parliament launch to brief Members and Senators on the actions needed to tackle the growing problem. Speaking at the launch Attorney General Christian Porter announced his plan for the next Council of Attorneys General meeting to set baseline standards of a national model of Power… Read more »
Australia’s banks stand ready to assist the ACCC in this inquiry. Banks are no stranger to public scrutiny and look forward to the opportunity to cast more light on mortgage pricing and the many important factors that influence the setting of interest rates. The first priority of Australia’s banks is the implementation of the Royal… Read more »
Competition between banks remains strong, with millions of Australians switching banks for home loans, credit cards and transaction accounts last year, according to a newly-released report by Deloitte Access Economics commissioned by the Australian Banking Association. While a strong majority of customers are satisfied with their financial products, the Deloitte report showed 2.8 million customers switched to new banks or financial providers for… Read more »
Banks welcome today’s release of the Sylvan Review, which charts a path forward to strengthen Australia’s financial counselling sector. The Review highlights the importance of financial counsellors in helping Australians who are struggling to repay their debts, manage their household budgets and provide for their families in a difficult environment. Banks actively participated in the… Read more »
The Australian Banking Association has today partnered with Toowoomba Chamber of Commerce to brief the local business community and stakeholders on the new rule book for banks, the new Banking Code of Practice, and the ‘financing your small business’ website. In force since July 1 this year, the new ASIC approved Banking Code of Practice… Read more »
The new Banking Code of Practice, came into operation on 1 July 2019. On the 22nd May, the ABA applied for authorisation from the ACCC to further amend the Code by adopting the recommendations from the Royal Commission. These recommendations relate to default fees on farm properties during natural disasters, prevention of informal overdrafts… Read more »