Commonwealth legislation

ASIC Corporations (Banking Code of Practice) Instrument 2018/700

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This document gives legal backing to the Banking Code of Practice — a set of customer protection rules that banks voluntarily agree to follow.

What it does:

Officially approves the Banking Code published by the Australian Banking Association in August 2018
Makes the Code an 'approved code' under the Corporations Act 2001 (section 1101A)

Who it affects:

Banks and lenders that subscribe to the Code (including the major banks)
Customers — particularly individuals and small businesses who gain enforceable rights regarding fair treatment, financial hardship assistance, and dispute resolution

Why it matters: Without this instrument, the Code would be merely a voluntary guideline. Once approved by ASIC (the corporate regulator), breaches of the Code can have legal consequences and customers can rely on it when complaining to the Australian Financial Complaints Authority (AFCA). It essentially turns industry promises into regulatory obligations.

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ASIC Corporations (Banking Code of Practice) Instrument 2018/700

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Commonwealth Coat of Arms and ASIC logo

ASIC Corporations (Banking Code of Practice) Instrument 2018/700

I, Michael Saadat, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.

Date: 9 August 2018

Michael Saadat

Contents

Part 1—Preliminary

1 Name of legislative instrument

5 Approval of Banking Code of Practice

Part 1—Preliminary

1 Name of legislative instrument

This is the ASIC Corporations (Banking Code of Practice) Instrument 2018/700.

2 Commencement

This instrument commences the day after it is registered on the Federal Register of Legislation.

Note: The register may be accessed at www.legislation.gov.au.

3 Authority

This instrument is made under section 1101A of the Corporations Act 2001.

4 Definitions

In this instrument:

Banking Code of Practice means the Banking Code of Practice, published in August 2018 by the Australian Banking Association Incorporated (ABN 60 117 262 978), as existing at the date of this instrument.

Part 2—Approval

5 Approval of Banking Code of Practice

The Banking Code of Practice is approved.