Last updated 14 January 2019
As well as obligations to help borrowers in hardship under the National Credit Code, most lenders are signed up to an industry code that helps consumers and small business borrowers including:
- Code of Banking Practice—for financial hardship (s 28.2 from 1 Feb 2014) and responding to disputes (ss 37, 38 from 1 Feb 2014; code and membership list (banks)). It covers small business and some investment lending by individuals. A new Code of Banking Practice commences operation on 1 July 2019
- Customer Owned Banking Code of Practice—for financial difficulties and responding to disputes (paragraphs 24, 27; code and membership list (credit unions and building societies))
- Mortgage and Finance Association of Australia Code of Practice—for hardship applications (s 13) and responding to complaints (s 11; code and membership list (non-bank credit providers, mortgage managers)); it covers some small business and investment lending.