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 ABA has today released the findings of a strategic review undertaken by Accenture into the roll-out of Australia’s Consumer Data Right (CDR) regime. The CDR went live to customers of major banks in July 2020, and to customers of other banks in July 2021. Approaching 4 years since its launch, the ABA commissioned Accenture… Read more »
The Australian Banking Association welcomes ASIC’s approval of an updated Banking Code of Practice that will continue to drive better banking outcomes for customers. The updated Code strengthens consumer protections by providing customers with safeguards that are in addition to the law. ABA CEO Anna Bligh said this Code will provide an even higher… Read more »
Australia’s digital banking boom is continuing with payments by mobile wallets surging by 35 per cent in the last year alone, according to a new report released today by the Australian Banking Association. The 2024 ‘Bank On It’ Report shows that in the last year alone customers made $126 billion in payments with their mobile… Read more »