ASIC has approved a variation of the Banking Code of Practice (Code).
The variation, as proposed by the Australian Banking Association (ABA), involves the insertion of a ‘Special Note’ into the Code to allow for special application of specified Code provisions until 1 March 2021. The ABA has proposed the variation due to the extraordinary external environment caused by COVID-19.
The ABA has today published the updated version of the Code including the Special Note. The updated Code can be found on the ABA’s website at http://www.ausbanking.org.au.
Background
ASIC approved the Code in December 2019, for commencement on 1 March 2020.