Jun 26, 2024
Australia Markets Watchdog Approves New Banking Code of Practice
Bloomberg News
,![Pedestrians pass a reflection of the Sydney Opera House in Sydney, Australia, on Friday, April 30, 2021. The government has tamed the virus by shuttering the international border and through rigorous testing and contact tracing, giving Australians an enviable level of freedom. But after winning the containment battle, the country now risks losing the vaccination war as supply shortages and a slow rollout jeopardise the economic recovery. Photographer: Lisa Maree Williams/Bloomberg, Bloomberg Pedestrians pass a reflection of the Sydney Opera House in Sydney, Australia, on Friday, April 30, 2021. The government has tamed the virus by shuttering the international border and through rigorous testing and contact tracing, giving Australians an enviable level of freedom. But after winning the containment battle, the country now risks losing the vaccination war as supply shortages and a slow rollout jeopardise the economic recovery. Photographer: Lisa Maree Williams/Bloomberg](/polopoly_fs/1.2090012.1719467240!/fileimage/httpImage/image.jpg_gen/derivatives/landscape_620/pedestrians-pass-a-reflection-of-the-sydney-opera-house-in-sydney-australia-on-friday-april-30-2021-the-government-has-tamed-the-virus-by-shuttering-the-international-border-and-through-rigorous-testing-and-contact-tracing-giving-australians-an-enviable-level-of-freedom-but-after-winning-the-containment-battle-the-country-now-risks-losing-the-vaccination-war-as-supply-shortages-and-a-slow-rollout-jeopardise-the-economic-recovery-photographer-lisa-maree-williams-bloomberg.jpg)
(Bloomberg) -- Australia’s markets watchdog has approved a new code of practice for Australian banks, the first revision in four years.
The Australian Securities and Investments Commission approved the Australian Banking Association’s Banking Code of Practice that will take effect on Feb. 28, 2025, the lobby group said in a statement Thursday.
The changes include an expanded definition of small businesses that will give about 10,000 enterprises protections under the code, as well as new provisions for managing deceased estates, and a push to offer customer access to interpreters and sign language.
The update follows a 2021 independent review of the code, led by former treasury executive director Mike Callaghan.
While not a legally enforceable document, the code sets out safeguards not set out in law. The new code removes some provisions that are now covered by legislation. Since the code was last updated, Australia has enshrined a further 1,175 pages of additional laws and regulations, ABA Chief Executive Officer Anna Bligh said in the statement.
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