Who must comply with Banking Code of Practice 2025?
The applicability test for Banking Code of Practice 2025 (ASIC), computed across 35 industries, 9 business structures and 6 size bands.
Short answer: Some businesses
Applies when the business has industry: Banks & ADIs.
What the obligation is
ABA member banks bound by the Banking Code — fair conduct + dispute resolution requirements.
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).
The applicability test
Applies when the business has industry: Banks & ADIs.
How the regulator frames it: All ABA members + any bank that voluntarily subscribes.
What triggers it: Bank-customer relationship establishment.
Jurisdiction: Commonwealth law, so the test is the same in every state and territory.
Which industries are in or out
Outcome across the 35 industries Rules Mate maps (1 of 35: yes; 34 of 35: no).
| Industry | Answer |
|---|---|
| Banks & ADIs | Yes |
| No | 34 other industries |
Business structure and size
Structure does not change the answer in banks & adis: for every structure the answer is "yes".
Size does not change the answer in banks & adis: at every size band the answer is "yes".
Worked examples
Each line is one run of the Rules Mate applicability engine for a single business profile, with the reason the engine gives:
- Pty Ltd company in banks & adis with 6–19 employees, turnover $1M–$3M: applies. Industry: Banks & ADIs.
- Pty Ltd company in real estate agents with 6–19 employees, turnover $1M–$3M: does not apply. Requires industry: Banks & ADIs.
What you must do, and when
- When due
- Continuous compliance + annual self-assessment.
- Frequency
- Ongoing
- Evidence to keep
- Internal compliance framework + BCCC reporting + customer remediation.
- In force from
- 28 February 2025
- Status
- Current
- Priority
- High
Penalty for not complying
Maximum penalty: Code-based; reputational + AFCA reliance on Code in determinations.
Audit or assurance level
Rules Mate has not yet classified the audit or assurance level for this obligation. Any audit, review or certification requirement is set by the regulator source listed below.
Obligations with the same applicability test
If this obligation applies to you, so does this one: the engine uses the same rule for each.
What usually applies alongside it
Across the 1,890 business profiles Rules Mate evaluates, these obligations apply to most of the businesses this one applies to, and are far more common among them than among businesses generally:
- Consumer Data Right (CDR) participant accreditation + compliance: applies to 100% of the same businesses (35.0× the overall rate)
- Comply with the ePayments Code: applies to 100% of the same businesses (35.0× the overall rate)
- Comply with CDR Banking (Open Banking) — major + non-major ADIs: applies to 100% of the same businesses (35.0× the overall rate)
- Major banks must provide CDR Banking + Action Initiation (2026): applies to 100% of the same businesses (35.0× the overall rate)
- Consumer Credit Hardship Notice (NCC ss 72-73): applies to 100% of the same businesses (17.5× the overall rate)
Where it sits in the corpus
Rules Mate tracks 2 published obligations tagged "banking", 0 of them rated critical. For a professional services Pty Ltd company with 6–19 employees operating in every state, 0 of those apply outright. This obligation is rated high priority, and is an ongoing duty.
Regulator, legislation and tools
Regulated by Australian Securities and Investments Commission.
ASIC: Corporate regulator administering the Corporations Act, financial services and credit licensing (AFSL/ACL), markets supervision, insolvency, and registries (ASIC and ABRS).
Free tools that help with this obligation:
Questions
- Who must comply with Banking Code of Practice 2025?
- Applies when the business has industry: Banks & ADIs.
- Does Banking Code of Practice 2025 apply to sole traders?
- Yes. Looking in banks & adis and every size band, the engine's answer for a sole trader is: yes.
- Does Banking Code of Practice 2025 apply to businesses with 1–5 employees?
- Yes (1–5 employees, turnover $100K–$1M).
- When is "Banking Code of Practice 2025" due?
- Continuous compliance + annual self-assessment.
Related
Sources
Computed by the Rules Mate applicability engine from the published obligation corpus; facts last checked 3 October 2026. Rules Mate is not a law firm and this is general information, not legal advice. Confirm your position with the regulator source or a qualified adviser before acting.