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ASIC approves temporary changes to the Banking Code of Practice amidst the COVID-19 pandemic

  • COVID-19
  • Published 30.06.2020

The Banking Code of Practice (the Code) has been temporarily amended to reflect the impact of COVID-19.

The Code now incorporates a Special Note which commences on 1 July 2020 and is operative until 1 March 2021.

The Special Note operates to relax the strict timing requirements imposed on Banks in responding to customers, in circumstances where it is expected that Banks will receive a much larger volume of requests and complaints.

This relaxation of response time means that Banks will not be in breach of the Code in circumstances where the Bank has made good faith efforts to comply with the timing requirements.