Royal Commission code changes given ACCC authorisation

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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