The 2020 Code builds on the protections given to customers in the current Code (the 2019 Code). Specifically, it will deliver increased protection for vulnerable individuals, farmers and small business customers.
So, what's new in the 2020 Code?
The changes to the Code have largely been made in response to the findings of the RC. Additionally, the ABA has taken the opportunity to tighten and clarify some other aspects of the 2019 Code.
What hasn't changed (yet)?
The approval of the 2020 Code by ASIC
and the Australian Competition and Consumer Commission is conditional on additional changes being made to the 2020 Code and that are to apply from 1 March 2021. These include an ASIC requirement that the definition of "banking services" to be revisited to ensure that the Code will apply to the services provided to all small businesses, and that
What really hasn't changed?
One notably absent change is that the definition of "small business" remains as per the 2019 Code.
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Given the importance of the Code and the significance of the changes to it when the 2020 Code commences operation, the Practical Law banking and finance team has made its full article on the 2019 Code and the 2020 code available to all readers, regardless of whether they are current subscribers to Practical Law.
Our article on the 2019 Code can be accessed here
Our article on the changes to the 2019 Code when the 2020 Code commences can be accessed here
If you have any questions or comments on this article, please contact senior writer Skye Balasingham or head writer Alex Chernishev.