Australia’s market regulator has approved a new code of good practices for Australian banks for the first time in four years, BNN Bloomberg reported on June 27.
The Australian Securities and Investments Commission has approved the Australian Banking Association’s Code of Good Banking Practice, which will come into force on February 28, 2025. The previous independent review of the document was overseen by the Australian Treasury in 2021.
The changes include an expanded definition of small businesses that will provide protection to about 10,000 businesses under the code, as well as new provisions for administering estates of deceased persons and giving clients access to interpreters, including sign language.
Although the code is not a legally binding document, it contains safeguards not provided for by law. Since the last update of the code, Australia has adopted an additional 1,175 pages of legislation and additional regulations to remove duplicative provisions, Australian Banking Association chief executive Anna Bligh said in a statement.
Source: Rossa Primavera
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