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
This is the version of the Banking Code of Practice that takes effect on 1 March 2020. It is currently awaiting ASIC authorisation.
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The ACCC has authorised changes to the Banking Code of Practice, in line with recommendations of the Royal Commission, and initiatives of the ABA.
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New 2019 Banking Code of Practice
The new Banking Code is a set of enforceable standards that customers, small businesses, and their guarantors can expect from Australian banks.