The ABA has today announced that former ASIC Deputy Chair Peter Kell will undertake the five yearly independent review of the Banking Code of Practice, the rule book that sets standards of service for customers.
The Code sets out consumer protections and safeguards that are in addition to the law for individuals, small business customers and guarantors.
This Review will include public consultations allowing customers, consumer and small business groups, industry and other stakeholders to have their say.
ABA CEO Simon Birmingham said this was an opportunity to ensure the Code remained fit-for-purpose and continued to meet the expectations of customers.
“The Code helps ensure that when customers go about their banking, they can have confidence they are receiving the highest level of service and care,” Mr Birmingham said.
“Banks take their obligations under the Code extremely seriously. It is the only industry code approved by ASIC and it sets a high bar for how banks interact with their customers.
“This review is a chance to have a look at how the current Code is operating, hear the views of stakeholders and further strengthen standards for customers where necessary.”
Independent reviewer Peter Kell said this review is an opportunity to hear directly from a wide range of stakeholders who rely on the Code.
“Broad consultation will be key to the success of the review and will help ensure that the commitments in the Banking Code continue to evolve and support effective consumer protection,” Mr Kell said.
Consultation with stakeholders is expected to commence in October, with an Interim
Report published in March 2027 and the Final Report with detailed findings and recommendations released in June 2027.
