BCOP- BANKING CODE OF PRACTICE! 2020
July 7, 2020
BANKING CODE OF PRACTICE
Australian Banking Association (ABA) sets the banking codes which all banks are require to follow.
“The new Banking code is a set of enforceable standards that customers, small business and Guarantors can expect from Australian Banks”.
You can read the Banking code by clicking on the link below:
“The banking industry supports robust and consistent responsible lending standards across the economy. This is to support appropriate access to credit for customers to support their long-term prosperity and growth”.
These standards are set out in the National Consumer Credit Protection Act 2009, regulatory guidance issued by ASIC and APRA as well as the Banking Code of Practice.
The law requires banks when lending to assess that a loan is “not unsuitable”,
based on whether a customer can repay “without substantial hardship” and meets a customer’s “requirements and objectives”.
ABA members take their responsible lending obligations seriously to ensure they are doing the right thing by customers.
Do you know?
Australian Banks are required under ‘BCOP’ to have a Hardship team who can help customers going through financial hardship.
Due to any reason like loss of a job, reduction in hours of work, death in a family, separation or divorce, medical illness, and/or due to COVID-19.
Banks are liable under the new Banking Code of Practice to assist all their customers but there is always a catch since they may not always have the will to assist due to obvious reasons since bank wants to maximize their profit returns for its shareholders and increased market share.
Are experiencing financial hardship?
Do not be afraid to ask your bank for assistance, if they can’t assist you and simply making it hard for you or if you are anxious to deal with them directly- Contact us ‘The-Negotiators’ experienced team, our consultants are always here to help you, we will analyze your situation with no cost at all.
Please check if you qualify for our assistance by clicking the link below:
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