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In a major step to strengthen customer protections and maintain trust in the banking sector, the Australian Banking Assocation (ABA) has submitted a proposed new Banking Code to ASIC for industry consultation.
“We think this is beneficial for lifting industry standards even higher.”
“This has been a thorough and transparent process and it has been encouraging to see the high levels of interest and engagement in the Banking Code.”
Make your submission before 6 August.
Temporary changes to the Banking Code of Practice reflect that the COVID-19 pandemic may temporarily affect the provision of banking services.
Changes to the Banking Code of Practice as recommended by the Royal Commission will go live tomorrow.
““These changes to the Code are in addition to a number of actions already taken by banks as a direct result of the Royal Commission”, ABA CEO Anna Bligh.
“The BCCC plays a strategic function in monitoring the effectiveness of the new Banking Code of Practice and shaping good industry practice”
In force since July 1 last year, the new ASIC-approved Banking Code of Practice contains a big step up in protections for customers.
The 2019 Banking Code of Practice commenced on 1 July 2019.
Australia’s banks will comply with a strong new code of practice that significantly increases and enshrines customer protections and introduces tough new penalties for breaches from tomorrow. The ASIC-approved Banking Code of Practice represents the most significant increase to customer protections under a code in the industry’s history. From 1 July, under the new Banking… Read more »