fbpx
Skip to main content
Click here for the new 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
Publication
Banking Code of Practice (March 1 2021 variation)
1 March 2021

This is the version of the Banking Code of Practice that took effect on 1 March 2021, a variation of the 1 March 2020 Release.

Download PDF
Transcript
Anna Bligh on ABC AM Radio – 91% of deferrals resume
19 February 2021

“No customer is going to wake up the day after the 31st of March and find that there is some legal action being taken by their bank on their loan.”

Read more
February 2021 Monthly News: assistance hub launched
18 February 2021

“For the first time, banks are unveiling an industry-wide Financial Assistance Hub. The site aims to inform and assist bank customers so they know exactly where they stand, and the support their banks will provide them.”

View online