Joint Submission to the 2021 Review of Australian Banking Association Code of Practice

CCLSWA was please to contribute to the 2021 Review of Australian Banking Association Code of Practice. The joint submission by 15 consumer organisations makes 103 recommendations with the primary objective of increasing accessibility and fairness within the banking system for vulnerable members of the community.

Key areas of emphasis where we urge the Reviewer and the ABA to pay particular attention include:

  • Supporting First Nations People by removing language, remoteness, and cultural barriers.
  • Ensuring that interpreters are available to improve communication between banks and non-English speaking customers.
  • Improved and proactive monitoring of the conduct of debt collectors banks do business with.
  • Protecting vulnerable guarantors at risk of losing their home because of the default of a third party.
  • The increased prevalence of scams and the role and responsibility of banks in identification and prevention.
  • Implementing the Consumer Data Right with a focus on informed, voluntary, and unbundled consent.

The joint submission submits that banks should treat these issues with increased priority, particularly given that many are unimplemented recommendations from prior reviews or frequently arising issues.

Click here read the submission in full.

 

 

Michael Duncan