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.
ENDS
Contact: Nathalie Samia 0475 741 007
Latest news
Today’s release of ASIC’s updated RG 209 Credit Licensing: Responsible lending obligations is an important milestone in clarifying responsible lending obligations for banks. CEO of the Australian Banking Association Anna Bligh said that the updated RG 209 would provide clarity to banks on ASIC’s views on what responsible lending obligations require before offering credit to… Read more »
The ACCC has authorised changes to the Banking Code of Practice, in line with recommendations of the Royal Commission, and initiatives of the ABA.
The ABA is seeking community views on the use of credit cards for gambling. The consultation will assess community views about financial institutions allowing credit cards to be used for gambling and the role of banks in addressing these problems.
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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.