A new code of practice developed by the Australian Bankers’ Association has been submitted to ASIC for approval.
In a statement, ABA chief executive Anna Bligh said the new code was “customer focused” and will offer more transparency around products and services.
“Banks are committed to change and the new code is stronger, broader and written in simple to understand language. It has been completely rewritten to better meet community expectations and service the needs of customers,” she said.
“The new code means we are making banking easier, by making changes to processes, providing customers with more info and introducing higher standards for how banks serve their customers.”
Some of the changes in the code include enabling clients to cancel credit cards online, restricting interest payments after an interest-free period to only what hasn’t already been paid, and including a minimum 30-day notice period for changes to small business loan terms.
“Banks value their customers and the new code is one more step towards providing better banking for all Australians,” Ms Bligh said.
“Banks most certainly do not underestimate the challenge ahead of them and will continue to make the necessary changes and improvements that their customers expect.”
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