Joint consumer submission (led by Consumer Action Law Centre) to ASIC responding to their consultation about proposed changes to the Banking Code of Practice. The proposed changes would significantly weaken the Code, including through the removal of the requirement that when lending money, a bank will exercise the reasonable skill and care of a diligent and prudent banker as well as changes to clauses relating to complaints handling.
Banking Code of Practice Review
Submission to: ASIC
Related Projects
Strengthening Penalties for Corporate and Financial Sector Misconduct
Submission to: Australian Securities and Investments Commission
Product Intervention Powers
Submission to: ASIC
We support the approach by ASIC on the implementation of the product intervention power. In legislating this power, the Parliament has recognised the need for ASIC to prevent or halt significant consumer detriment when it is identified.
We support the approach by ASIC on the implementation of the product intervention power. In legislating this power, the Parliament has recognised the need for ASIC to prevent or halt significant consumer detriment when it is identified.