Banking Code should be universal: ABA

The Australian Banking Association (ABA) has advocated for all banks, including those who aren’t members of the ABA, to adopt the new Banking Code of Practice, which is to be fully implemented by 1 July 2019.

CEO of the ABA, Anna Bligh, said while the Code was tailored specifically for the types of banks it represents, it was important that customers were protected regardless of who they chose to bank with, and initiatives like reminders when introductory credit card offers were ending, proactive contact and easy-to-understand contracts should be adopted across the entire industry.

“Particularly for small business, every lender, including building societies, credit unions and others, should give sufficient notice when loan conditions might change to help with future planning,” she said.

“These common standards for customers could be achieved by making membership of an ASIC [Australian Securities and Investments Commission] approved code, such as the ABA code, a requirement of a licence.”

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