27 September 2019
The new Banking Code of Practice, came into operation on 1 July 2019.
On the 22nd May, the ABA applied for authorisation from the ACCC to further amend the Code by adopting the recommendations from the Royal Commission. These recommendations relate to default fees on farm properties during natural disasters, prevention of informal overdrafts on basic accounts and overdrawn fees.
We welcome the ACCC’s proposed authorisation for these changes. We note the ACCC has raised three further conditions which the ABA will consider in more detail following discussions with members.
Contact: Nathalie Samia 0475 741 007
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.