Proposed changes to the Banking Code of Practice
The Law Council of Australia provided a submission to the Australian Securities and Investments Commission (ASIC) in response to Consultation Paper 373 Proposed changes to the Banking Code of Practice (CP 373). CP 373 relates to ASIC approval of proposed changes to the Australian Banking Association (ABA) Banking Code of Practice (the Code), developed following the 2021 Independent Review of the Code by Mr Mike Callaghan AM PSM (the 2021 Review).
The Law Council provided a submission to the 2021 Review which expressed broad support for the Code and the way it articulates standards of service and behaviour currently expected by individual and small business customers.1
This submission includes further reflections on the Code—in some cases building on earlier submissions to the 2021 Review, and in others raising new areas for consideration. The Law Council is confident that the below feedback will be useful to deliberations on whether ASIC should approve the proposed Code, and future consideration of how the Code can be improved.
The New South Wales Bar Association, Queensland Law Society and Law Society of South Australia have contributed to the points raised by the Law Council below with respect to the following matters:
- deceased estates;
- guarantor protection;
- principal account holder access to account information;
- freezing orders; and
This submission also includes, in separate sections, the additional views of the Australian Consumer Law Committee of the Law Council’s Legal Practice Section and the Financial Services Committee of the Law Council’s Business Law Section. The Financial Services Committee has also provided responses to each of the specific questions posed by ASIC in CP 373 at Appendix A.
Read the full submission below.
1 Law Council of Australia, 2021 Independent Review of Banking Code of Practice (16 August 2021)