27 September 2019
The new Banking Code of Practice, came into operation on 1 July 2019.
On the 22nd May, the ABA applied for authorisation from the ACCC to further amend the Code by adopting the recommendations from the Royal Commission. These recommendations relate to default fees on farm properties during natural disasters, prevention of informal overdrafts on basic accounts and overdrawn fees.
We welcome the ACCC’s proposed authorisation for these changes. We note the ACCC has raised three further conditions which the ABA will consider in more detail following discussions with members.
ENDS
Contact: Nathalie Samia 0475 741 007
Latest news
The Australian Banking Association (ABA) is urging customers in North Queensland affected by the floods to get in touch with their bank if they are in need of financial relief. ABA CEO Anna Bligh said banks are on standby to assist households and businesses who have been impacted by these severe floods. “My message to… Read more »
Download radio grabs of Anna Bligh here. The ABA is urging the Parliament to swiftly pass legislation that will ensure Australia’s payments regulatory framework remains fit-for-purpose as digital payments continue to skyrocket. According to the RBA, each month Australians are now making over 500 million payments with mobile wallets worth over $20 billion. This legislation… Read more »
The Chief Executive of the Australian Banking Association (ABA) and former Queensland Premier, Anna Bligh AC, will retire in mid-2025 once a replacement is appointed. ABA Chair and National Australia Bank CEO Andrew Irvine today announced that Ms Bligh had advised him that she had decided to retire after more than eight years in the… Read more »