In 2023, AFCA recorded a 25% increase in complaints involving financial difficulty, which includes disputes over hardship assistance.
April 4, 2024This is the first time ASIC has undertaken a public consultation before making a decision on approving the Banking Code of Practice.
November 19, 2023The review seeks input on whether CDR laws provide adequate data protection and how effective the Code has been in supporting consumers during Covid-19.
July 13, 2021The changes extend the Covid-19 Special Note for six months to September 2021, and amend definitions to bring more small businesses into scope.
January 11, 2021The changes related to the timelines for customer communication outlined in the Code, and to banks’ obligations when lending to small business customers.
June 29, 2020The changes include guaranteed features for basic bank accounts and the removal of overdraft and dishonour fees on basic, low fee or no fee accounts.
March 2, 2020ASIC has given its final approval for the new version of the Banking Code of Practice, which implements recommendations from the Royal Commission.
December 19, 2019The ACCC’s authorisation was needed because changes to the Code to reflect the royal commission recommendations required competing banks to reach an agreement through the ABA.
November 23, 2019ASIC plans to take "significant enforcement action" against 11 lenders that inappropriately sold consumer credit insurance, and force remediation of over A$100m.
July 12, 2019ASIC is assessing changes to the Code proposed by the ABA in two stages, the first of which has been approved and is reflected in the latest version which took effect on 1 July.
July 1, 2019