New banking code of conduct and ASIC's corporate cops
The new Banking Code of Practice, approved by ASIC on 31 July 2018, introduces a range of new rights and protections for small to medium businesses and consumers. The aim is to make banking products easier to understand, more customer focused, and with fewer conditions. There are some very significant changes such as banks who sign on to the Code having significant limitations on pursuing businesses whose total loans, including credit, are less than $3 million. And for the first time, ASIC will be funded to embed 'corporate cops' within the big four banks and AMP to monitor governance and compliance actions.