In the period since the last Code review, the Code underwent a plain language rewrite, the banks faced a Royal Commission and committed to reform, Australia has experienced numerous extreme weather events, and the COVID-19 pandemic has impacted many peoples’ day to day and financial lives. The responses and the conduct of the ABA and its members throughout this period has been mixed. In some areas, the banks have provided real assistance to consumers, demonstrating a genuine desire to treat consumer outcomes as a priority and working collaboratively with our organisations to address consumer harms. However, there remains a number of areas where bank conduct disappoints consumers. While some issues are new, most relate to concerns raised by our organisations for years. Many of these issues continue to result in significant harm to consumers, most often impacting those who are more vulnerable, with bank conduct sometimes contributing to that vulnerability.
