Ripple effect of the new Banking Code of Practice to Debt Collectors
- Published 17.12.2019
Summary
If you think the new Banking Code of Practice only affects the banks, think again! The code has far wider reach than the banking industry and may even lead to amendments to the Bankruptcy Act, causing ripples in the debt collection industry.
The Banking Code of Practice 2019 (‘Code’) commenced on 1 July 2019.
It is the first banking code considered and approved by ASIC. The Code is not compulsory upon the banks and it is up to the individual banks to adopt it. At present, 25 banks including all major banks have voluntarily adopted the Code.