Banks vow to lift ethical standards under new code


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Bank chiefs have vowed the industry will be under new obligations to be more ethical and customer-focused, as part of a revamped code of conduct that has been given the green light by the corporate regulator.


The Australian Securities and Investments Commission (ASIC) on Tuesday approved a rewritten code of conduct for banks, which is part of the industy’s attempt to win back customers’ trust after a run of scandals, and fierce political pressure including the royal commission.


Banks say the new code will strengthen the sector's ethical obligations.

Banks say the new code will strengthen the sector’s ethical obligations.


Photo: Supplied

Under the code, banks have committed to a range of changes including making it easier to cancel credit cards, and introducing stronger protections for customers who act as guarantors on loans.


Small businesses borrowing up to $3 million will also gain extra protections, after recent royal commission hearings questioned if banks had been too quick to call in loans to small businesses.


National Australia Bank chief Andrew Thorburn said the bank would prioritise implementing the code, which takes effect from 2019, “as quickly as possible.”

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