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Banking Code of Practice

An update to the Code

The Banking Code of Practice (the Code) is an industry code that’s published by the Australian Banking Association (ABA). The Code sets out the banking industry’s key commitments to individual and small business customers and their respective guarantors, and serves as the benchmark for governance across the banking industry.

The original Code (known as the ‘Code of Banking Practice’) was first published in 1993, with revisions made in 2004 and 2013. In 2019 the ABA, in conjunction with its member banks (including NAB), completely re-wrote the Code to better meet community expectations. The Code has since been updated further, primarily to implement recommendations made by the Financial Services Royal Commission, with a new version coming into effect in March 2020, and additional variations coming into effect in March 2021.

This new version of the Code is the strongest ever. It's clearer, easier to understand, and has greater protections for individual and small business customers and their guarantors.

NAB has been a long-standing member of the ABA and has adopted the 2020 version of the Code.

UBank adheres to the Banking Code of Practice that sets standards of good banking practice for us to follow when dealing with customers.

Areas that the Banking Code of Practice covers

The Code consists of 10 parts and covers the following topics:

  • How the Code works
  • Your banking relationship
  • Opening an account and using our banking services
  • Inclusive and accessible banking
  • When you apply for a loan
  • Lending to small business
  • Guaranteeing a loan
  • Managing your account
  • When things go wrong
  • Resolving your complaint

Further information

View or download a copy of the Banking Code of Practice on the ABA website, opens in new window. It's also available at our branches and outlets (except Australia Post).

Due to the impact of COVID-19, the Code has been temporarily amended and now incorporates a Special Note. The Special Note came into effect on 1 July 2020 and will apply until 1 September 2021.

If you would like to report an alleged breach of the Code you can contact the Banking Code Compliance Committee, opens in new window directly.