fbpx
Skip to main content
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
Transcript
Anna Bligh interviewed by ABC RN’s Hamish McDonald on branches and changing customer trends
21 September 2023

Hamish MacDonald: A Senate inquiry is examining a wave of bank closures that have hit regional Australia particularly hard. More than 1600 bank branches have closed nationally in the past six years, including 309 in the last financial year. Like post offices and milk bars, bank branches form part of the architecture of regional communities… Read more »

Read more
ABA News
Online gambling credit card ban one step closer 
14 September 2023

New laws banning the use of credit cards for online gambling are one step closer with the introduction of the Federal Government’s Interactive Gambling Act 2001 Bill to Parliament.  The Australian Banking Association (ABA) has welcomed this milestone saying the new laws will make it illegal for an online gambling company to accept a credit… Read more »

Read more
ABA News
New identity verification safeguards a step in the right direction  
14 September 2023

The Australian Banking Association (ABA) has welcomed the introduction of new legislation to boost the security of identity verification services.

Read more