Today's authorisation by the Australian Competition and Consumer Commission (ACCC) of changes to the Banking Code of Practice, as recommended by Commissioner Hayne in his final report, is an important step in further strengthening protections for customers.
Changes recommended, and now authorised by the ACCC, include:
- Banning charging default interest on distressed agricultural loans
- Providing inclusive and accessible banking services to those with limited English and those living in remote areas
- Giving concession card holders access to accounts with no overdraft and dishonour fees
- Making the features of a basic, low and no fee bank account for low income earners uniform across the industry (in addition to the recommendations of the Final Report).
The industry now awaits final approval by the Australian Securities Investments Commission of the Royal Commission changes the Code, with implementation early next year.
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