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
E&OETV InterviewSky News Business Weekend with Ross Greenwood21 June 2026 Topics: Economic contribution of banks Ross Greenwood: Well Australia’s banks, love them or loathe them, they are a necessity. We need them strong to provide the security for lenders and depositors. We need them well-regulated to keep them from again putting profit ahead of their… Read more »
ABA CEO Simon Birmingham delivered the following introductory remarks ahead of a panel on the value of banking to the Australian economy, launching new Mandala research, at the 2026 ABA Banking Conference. Our piece of work that has been released today, Mandala providing the intellectual backdrop and analysis to support us in this, the essential… Read more »
Surging household ownership of Australian banks, record lending to first home buyers and strong competition helping mortgage holders save up to $2,000 a year are some of the findings of a new report released today. ‘The essential infrastructure: How Australian banks power the economy’ produced by Mandala on behalf of the ABA finds: ABA CEO Simon… Read more »