Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

New rule book for Aussie banks

Anna Bligh

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

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.


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. 

“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. 

This email address is being protected from spambots. You need JavaScript enabled to view it.

New rule book for Aussie banks
Anna Bligh
nestegg logo
subscribe to our newsletter sign up
Recommended by Spike Native Network
Bronson - I love you Brenton please write more....
The Patriot - It seems madness to lower interest rates when we know that we will need room to drop later as the economy slows on back of China slowing. If wages do.......
Anonymous - Does the RBA think?....
Anonymous - Bloody mad. Much cheaper and better and more fun to learn to cook for yourself. And, if you are time pressed, a crockpot set up the night before and.......