A new code that sets new standards and clearer expectations for service, integrity and accountability across the entire banking industry. It provides customers with safeguards that are not set out in law and includes new provisions offering greater protection for small businesses, guarantors and vulnerable customers. At its centre is an expanded definition for small businesses meaning an additional 10,000 small businesses across the country will have the protections of the code. 

Key features

• An expanded section on support available to customers facing financial difficulty.
• New obligations for banks to meet with customers intending to act as guarantor to help them understand their obligations before accepting a guarantee.
• A new vulnerable customer definition, acknowledging anyone can become vulnerable at any time.
• New provisions for managing deceased estates.
• A new commitment to organise or refer customers to free support services such as interpreters, AUSLAN and National Relay Services.
• Greater clarity on the types of support available to all customers, including financial difficulty options for small businesses.
• An updated section on inclusive and accessible banking which recognises banking services should be inclusive of people with diverse sexual orientations.