Banks get a break on customer obligations

Original article by Richard Gluyas
The Australian – Page: 16 : 26-Jun-20

The Banking Code of Practice, which was approved by the Australian Securities & Investments Commission in December, aims to implement recommendations of the Hayne royal commission. However, ASIC has announced that it has given banks a temporary reprieve from some of the code’s provisions. ASIC has stated that the impact of COVID-19 should be taken into account when considering if a bank has met its commitment to engage ethically and fairly with small business clients; ASIC also noted that banks may not always be able to meet timelines in the code for customer communication.


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