The Australian Banking Association has announced that the regulator has approved its banking code of practice, which was a topic of inquiry at the royal commission.
Having submitted its draft code to ASIC for approval in December 2017, the corporate regulator has only now approved it following a number of requests for amendment.
ABA chief executive and former Queensland premier Anna Bligh described the negotiation with ASIC over the code as “rigorous and comprehensive” as well as heralding the consumer benefits.
“The new code will introduce a range of new measures to make banking products easier to understand and more customer-focussed,” Ms Bligh said.
“It represents a stronger commitment to ethical behaviour, responsible lending, greater financial protection and increased transparency.
“Banks value their customers and the new code is a big step towards providing better banking for all Australians.”
The amended code includes a number of fresh protections for small business banking customers, “provisions for banking inclusiveness and accessibility” and some enhanced enforcement and monitoring mechanisms.
ABA members will be required to sign up to the code and have until July 2019 to comply, with the ABA expecting its members to train as many as 130,000 bank staff members.
A copy of the approved banking code can be accessed here: https://www.investordaily.com.au/uploads/Banking_Code_of_Practice_2019_Web.pdf
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