Skip to main content
Financial Assistance Hub

Royal Commission code changes given ACCC authorisation

21 November 2019

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 those with limited English and those living in remote areas  
  • Giving concession card holders access to accounts with no overdraft and dishonour fees 
  • Making the features of a basic, low and no fee bank account for low income earners uniform across the industry (in addition to the recommendations of the Final Report). 

The industry now awaits final approval by the Australian Securities Investments Commission of the Royal Commission changes the Code, with implementation early next year.

ENDS

Contact: Rory Grant 0475 741 007

Latest news

1 / 3
Media Releases
Banks welcome APRA commitments to support more competition in Australia’s banking system
24 July 2025

The ABA welcomes APRA’s commitment to boosting competition for Australia’s mid-tier and international banks. In a speech today to the ABA’s Banking 2025 Conference, Chair John Lonsdale announced that APRA would: ABA CEO Anna Bligh said it was customers who would ultimately benefit from a strong and competitive banking system. “Today’s announcements from APRA will… Read more »

Read more
Media Releases
Mobile wallet payments soar amid digital banking boom
24 July 2025

Australians made a staggering $160 billion worth of payments with their mobile wallets last year, as they continue to embrace the ease and convenience of digital banking. The Australian Banking Association’s 2025 ‘Bank on It’ report released today reveals digital payments continue to surge with over four billion mobile wallet transactions made in the past… Read more »

Read more
Transcript
Anna Bligh interview with ABC Sydney Drive on mule accounts
23 July 2025

eo&e Chris Bath (Host): Now, I had no idea this is a thing. Australians are renting or selling their bank accounts so crooks can cash in. It’s called being a money mule. Anna Bligh is the CEO of the Australian Banking Association, and she’s here to tell you all about it. Anna, thank you very… Read more »

Read more