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New rule book for Aussie banks

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  • July 02 2019
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Invest

New rule book for Aussie banks

By
July 02 2019

Following the royal commission into the finance sector, the Australian Banking Association has announced a new code of practice.

New rule book for Aussie banks

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By
  • July 02 2019
  • Share

Following the royal commission into the finance sector, the Australian Banking Association has announced a new code of practice.

Anna Bligh

The Australian Banking Association said the new standards represent the most significant increase to customer protections under a code in the industry’s history.

Australian Banking Association chief executive Anna Bligh said customers should see the changes immediately. 

“Whether it’s through your credit card, home loan, small-business loan or just day-to-day banking, Australian customers will see tangible benefits from this new code,” said Ms Bligh.

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In addition, Ms Bligh noted the new code will be strongly enforced by an independent body known as the Banking Code Compliance Committee and the Australian Financial Complaints Authority. 

Anna Bligh

“We’ve completely rewritten the rule book for Australia’s banks. The Banking Code of Practice has strong protections for customers, serious consequences for breaches and strong independent enforcement,” said Ms Bligh.

Financial Counselling Australia chief executive Fiona Guthrie said the new code will protect the most vulnerable, marking an important step forward in restoring community trust in the banks.

“Codes like this really can make a difference because they go beyond black letter law and instead reflect the standards that an industry voluntarily commits to,” said Ms Guthrie.

Banks have trained more than 130,000 staff on the new requirements in order to get them ready for these changes. 

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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

author image

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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