29 February 2020
Changes to the Banking Code of Practice as recommended by the Royal Commission will go live tomorrow.
The changes coming into effect, as recommended by Commissioner Hayne in his Final Report, include:
- Ceasing default interest on agricultural loans while farms are affected by drought or natural disaster
- Ensuring services to people with limited English and those living in remote areas are inclusive and accessible
- Removing overdraft and dishonour fees on basic, low fee or no fee accounts for concession card holders
- Guaranteed features for basic bank accounts.
“The banking industry has been working hard to implement the recommendations of Commissioner Hayne’s final report, which included important changes to the Banking Code of Practice”
Anna Bligh, ABA CEO
In addition to the Royal Commission recommendations, the industry has also guaranteed features for basic bank accounts.
Australian Banking Association CEO Anna Bligh said the industry has fulfilled its commitment to bolstering its Banking Code of Practice by implementing Commissioner Hayne’s recommendations.
“The banking industry has been working hard to implement the recommendations of Commissioner Hayne’s final report, which included important changes to the Banking Code of Practice,” Ms Bligh said.
“Initiatives such as guaranteed features for basic bank accounts across the industry and ensuring inclusive and accessible services for people with limited English or who live in a remote area address specific issues raised by Commissioner Hayne is his final report.
“These changes come into full effect from tomorrow and will form part of the promises made to customers through the industry’s Banking Code of Practice.
“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, including ending fees for no service and a remediation bill topping $5.8 billion in the 12 months since the final report,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Australian banks continue to back growth and innovation across the farming sector with agribusiness lending now at record levels, exceeding $131 billion for the first time. The Australian Banking Association is highlighting the banking sector’s ongoing support for Aussie farmers this National Agriculture Day. Lending to agribusinesses has skyrocketed over the last year, rising 9.4 per cent in… Read more »
The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians. ABA CEO Anna Bligh said the Federal Government’s proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams. “This is an important step forward in our ongoing work to scam-proof… Read more »
Banks stand ready to support Far West NSW communities hit by recent storms and ongoing power outages. ABA CEO Anna Bligh acknowledged that many households and businesses in the Far West were still feeling the effect of this severe weather event. “My message to customers in these communities, is please reach out to your bank… Read more »