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
Australians are under attack from scams, part of a worsening global scams scourge, and all sectors need to ramp up the fight against these criminals, including government, law enforcement, banks, telcos, social media and crypto platforms and individuals.
The ABA welcomes the appointment of Michele Bullock as the new Reserve Bank of Australia (RBA) Governor.
The ABA acknowledges RBA Governor Phillip Lowe’s strong leadership of the central bank during one of Australia’s most turbulent periods, the COVID-19 pandemic.
The Australian Banking Association (ABA) has welcomed the launch of the Federal Government’s National Anti-Scam Centre (NASC), a key government and regulator initiative to help fight the scams scourge.