On 17 December 2019, the Australian Banking Association announced a revised version of the Banking Code would take effect from 1 March 2020.
The changes to the Code address recommendations from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The changes include:
- ceasing default interest on agricultural loans while farms are affected by drought or natural disaster
- ensuring services to people with limited English and those living in remote areas are inclusive and accessible, and
- removing overdraft and dishonour fees on basic, low fee or no fee accounts for concession card holders.
The March 2020 version of the Banking Code has been approved by the Australian Securities and Investments Commission and the Australian Competition and Consumer Commission.
The BCCC’s website has been updated with the new version of the Banking Code.