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
Australia’s banks and finance firms are joining forces with Australia’s leading financial safety by design expert, to prevent financial abuse, with the launch of the Financial Safety Alliance. The Financial Safety Alliance, founded by social enterprise Flequity Ventures, brings together the Australian Banking Association, the Australian Finance Industry Association, the Customer Owned Banking Association and Arca. The Alliance will provide lenders with the… Read more »
E&OE Ali Moore: Yes, if you use a dating app, have you ever thought about how secure it is? And if you ever wondered about the sort of anti-scam regulations that they have to comply with, the big banks say that the rules are not tough enough for dating apps, as well as things like… Read more »
In conjunction with the Australian Financial Complaints Authority (AFCA), the ABA is pleased to announce the appointment of former ASIC Commissioner Mr Sean Hughes as the next Chair of the Banking Code Compliance Committee (BCCC). Mr Hughes served as a Commissioner at ASIC from 2018 to 2023 and brings deep expertise in financial services… Read more »