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
Anna Bligh: This new framework is a comprehensive approach to the terrible scourge of scams. This will mean that every single part of the scam chain where scammers try to take the hard earned money of Australians will now have to play a role in preventing scams, detecting them and keeping Australians safe. Journalist: I… Read more »
Banks welcome the release of draft legislation to establish a new Scam Prevention Framework to better protect consumers and drive scammers out of Australia. ABA CEO Anna Bligh said winning the war against scammers will only be possible through a collective effort across the entire scams chain, including from government, banks, telcos and social media… Read more »
Craig Reucassel (Host): It’s also there was a bit of an inquiry into banking in parliament last week, NAB boss Andrew Irvine complained that he’d paid a 10 per cent surcharge when he bought a cup of coffee in Sydney. Surcharging has been outlawed in parts of the United States, Canada, Europe and Britain. Is… Read more »