26 October 2021
This industry guideline:
- explains how the Commonwealth consumer protection laws and the Banking Code of Practice apply to banks’ financial difficulty programs.
- provides practical guidance on what banks can do to meet these obligations when dealing with customers who may be experiencing financial difficulty.
- outlines a framework for banks that balances the need for consistent, standardised access to financial difficulty assistance with the need for flexibility when responding to customers’ unique personal and financial circumstances.
- promotes best practice across the banking industry.
This guideline reflects good industry practice, and the Australian Banking Association (ABA) encourages members to use the principles in this guideline to put in place internal processes, procedures, and policies.
Latest news
“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”