Bill
Banking Amendment (Establishing an Effective Code of Conduct) Bill 2017
lapsed, as at 2017-10-24. (s) WILKIE, Andrew, MP portfolio.
- Sponsor
- Andrew Wilkie
- Portfolio
- (s) WILKIE, Andrew, MP
Recorded stages
- introduced — 2017-03-27
- second reading — 2017-03-27
- other — 2017-10-24
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2017-03-27.
The bill would put a Banking Code of Conduct into law.
The Minister would be required to write a code that matches the industry's existing voluntary code, and the banking regulator would handle customer complaints and punish breaches.
The regulator could fine banks that break the code and would have to publish the names of those banks on its website and in newspapers.
- Creates a legislative Banking Code of Conduct.
- Gives the regulator power to receive and assess customer complaints.
- Allows civil penalties for code breaches.
- Requires the regulator to publish details of offending banks.
- Requires the Minister to review the code every three years with customer and small business input.
Authorised deposit-taking institutions such as banks, building societies and credit unions, and their customers including individuals and small businesses.
Sources
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