The fourth major revision of the Banking Code of Practice is in force from this morning and banks have trained more than 130,000 staff on the new code.
It “represents the most significant increase to customer protections under a code in the industry’s history,” or so goes the spiel from Australian Banking Association chief executive Anna Bligh yesterday.
“We’ve completely rewritten the rule book for Australia’s banks. Banks understand they need to change their behaviour and this new rule book represents an important step in earning back the trust of the Australian public,” Bligh said.
AFCA may be able to direct banks to compensate customers while the renamed BCCC “independently monitors compliance with the Code of Banking Practice to improve standards of practice and service in the Australian banking industry.”