Labor welcomes the Australian Banking Association’s (ABA) new code of practice which comes into effect today.
The Banking Royal Commission recommended that industry codes be enforceable and actionable by both customers as well as regulatory agencies.
It is time the Government start to implement the recommendation of the Royal Commission, especially those which require legislation.
The banks were put on notice following the Royal Commission and they now must ensure they are meeting the standards which the Australian people rightly expect of their financial institutions.
These new rules which have been approved by the ASIC in the wake of the Royal Commission are intended to increase customer protections, and provide penalties for banks that breach the code including.
Customers should be able to take their business to the banks with the best offers and getting access to their own banking information is critical to this.
After voting 26 times against a Banking Royal Commission the government must now take action and implement all of the recommendations.