14 November 2024
This guideline outlines good industry practice for how banks can take extra care with customers experiencing vulnerability.
It explains:
• what vulnerability can look like,
• how a bank may recognise that a customer is experiencing vulnerability and identify their needs,
• what personal information is appropriate and permissible to record to enable the bank to provide the customer with extra care, and
• what steps a bank should take to try to assist a customer experiencing vulnerability avoid or minimise harm.
Latest news
Four in five small and medium businesses say they have been exposed to an attempted scam in the past year, according to new research commissioned by the Australian Banking Association. This Scams Awareness Week, banks are reminding small businesses across the country to take steps to scam proof their operations and protect themselves as well… Read more »
The ABA welcomes today’s passage through the Parliament of the Cash Distribution Framework Bill 2026, an important safety net shoring up the ongoing distribution and availability of cash across the economy. ABA CEO Simon Birmingham said banks continued to support customers who choose to use cash and this regulatory framework would provide greater certainty for… Read more »
The ABA welcomes the commitment today by the Assistant Treasurer and Financial Services Minister Daniel Mulino to make the Compensation Scheme of Last Resort (CSLR) more sustainable by reducing the losses and costs associated with it. ABA CEO Simon Birmingham said changes to the CSLR must help contain losses that generate claims and place the… Read more »