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.
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.
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
Due to the impact of COVID-19, the Code has been temporarily amended and now incorporates a Special Note, opens in new window (PDF, 25KB). The Special Note comes into effect on 1 July 2020 and will apply until 1 March 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.