Banking Code of Practice 2025
ABA member banks bound by the Banking Code — fair conduct + dispute resolution requirements.
Who must comply
All ABA members + any bank that voluntarily subscribes.
What triggers it
Bank-customer relationship establishment.
When due
Continuous compliance + annual self-assessment.
Evidence required
Internal compliance framework + BCCC reporting + customer remediation.
Max penalty
Code-based; reputational + AFCA reliance on Code in determinations
Effective from
28 February 2025
Who must comply with this? The applicability test by industry, business structure and size.
Summary
Banking Code of Practice 2025 (in force 28 February 2025). Replaces 2021 Code. Customer-owned banks have their own Code. AFCA enforces Code commitments alongside ASIC + ABA Banking Code Compliance Committee (BCCC).
Enforced by
Industries
Topics
Related
- CWLTHComply with General Insurance Code of Practice (ICA)ICA Code binds member insurers on conduct + claims + complaints.
- CWLTHDesign and Distribution Obligations (DDO) — RG 274Issuers + distributors of retail financial products bound by DDO from 5 October 2021.
- CWLTHHold AER authorisation as energy retailerSelling electricity or gas to small customers requires AER retailer authorisation.
- CWLTHConsumer Credit Hardship Notice (NCC ss 72-73)Credit providers must respond to hardship notice + assess variation request.
- CWLTHGeneral Insurance Code of Practice 2020ICA member insurers bound by service standards + claims handling timeframes.
- CWLTHComply with Telecommunications Consumer Protections (TCP) CodeTelcos must comply with the binding TCP Code covering credit assessment, billing, complaint handling and unwelcome contact.
Frequently asked questions
- Who must comply with Banking Code of Practice 2025?
- All ABA members + any bank that voluntarily subscribes.
- What triggers Banking Code of Practice 2025?
- Bank-customer relationship establishment.
- When is Banking Code of Practice 2025 due?
- Continuous compliance + annual self-assessment.
- What is the maximum penalty for Banking Code of Practice 2025?
- Code-based; reputational + AFCA reliance on Code in determinations
- What evidence is required for Banking Code of Practice 2025?
- Internal compliance framework + BCCC reporting + customer remediation.
Source: https://www.ausbanking.org.au/banking-code/. Rules Mate is not a law firm. Always verify against the live regulator source before acting.