Last updated 16 September 2025

The Banking Code of Practice (Banking Code) sets out important standards of practice and service that banks must follow in their dealings with individuals and small business customers as well as guarantors. Credit unions, building societies and mutual banks follow the Customer Owned Banking Code of Practice, which contains similar or stronger provisions. Mortgage and finance brokers are covered by the Mortgage and Finance Association Code of Practice (Section 6).

While the Banking Code complements existing law, in many areas it sets higher standards than legislation alone. Matters covered by the Banking Code are:

  • disclosure of fees and charges, and other terms and conditions
  • changes to terms and conditions, and fees and charges
  • disclosure of general information about banking services
  • procedures and protocols to protect an individual’s privacy
  • provision of statements of account
  • provision of copies of documents on request
  • cancellation of direct debits
  • charge-backs on credit cards
  • debt collection procedures and protocols
  • procedures to handle complaints.

The Banking Code also gives guarantors more information about borrowers and other rights such as protections around the process of providing a guarantee.