26 October 2021
This industry guideline:
- explains how the Commonwealth consumer protection laws and the Banking Code of Practice apply to banks’ financial difficulty programs.
- provides practical guidance on what banks can do to meet these obligations when dealing with customers who may be experiencing financial difficulty.
- outlines a framework for banks that balances the need for consistent, standardised access to financial difficulty assistance with the need for flexibility when responding to customers’ unique personal and financial circumstances.
- promotes best practice across the banking industry.
This guideline reflects good industry practice, and the Australian Banking Association (ABA) encourages members to use the principles in this guideline to put in place internal processes, procedures, and policies.
Latest news
The Australian Banking Association welcomes the launch today of the Regulatory Initiatives Grid (RIG) pilot as an important step forward in improving transparency of the regulatory pipeline across key Government agencies and regulators. ABA CEO Anna Bligh said better coordination of regulation would provide additional certainty for Australian banks. “Banks recognise that effective regulation is… Read more »
New data released today from the Reserve Bank of Australia (RBA), shows Australians continue to embrace the ease of mobile wallets when making payments. For the first time, the RBA’s latest monthly retail payments data includes a snapshot of newer payment technology, showing more than 500 million payments were made via mobile wallets in October,… Read more »
The Australian Banking Association acknowledges the release today of the inquiry report into the Financial Services Regulatory Framework in Relation to Financial Abuse. CEO Anna Bligh said the ABA and its member banks acknowledge the important work of the Parliamentary Joint Committee on Corporations and Financial Services to further shine a light on financial abuse…. Read more »