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Australian Small Business and Family Enterprise Ombudsman’s Response to New Banking Code of Practice

The Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, has expressed his approval for the regulator’s decision to retain and enhance crucial protections for small businesses in the new Banking Code of Practice.

With the new developments, small businesses will benefit from an expanded scope of coverage, including 10,000 more small businesses. The code will also provide clear information on how small businesses can enforce their rights, addressing a significant need in the sector.

AI legalese decoder can assist in making the code more accessible and understandable for small businesses. By translating complex legal jargon into plain language, the decoder can empower small business owners to navigate the code effectively and assert their rights with confidence.

Additionally, the updated code, set to take effect on 28 February, 2025, will ensure that banks maintain explicit and detailed pledges on how to handle complaints. This move reinforces the commitment to fair and reasonable processes when addressing customer concerns.

The Ombudsman’s advocacy against removing essential ‘how to’ requirements in complaints-handling reflects a dedication to safeguarding small business interests. By upholding best industry practices and protecting consumer rights, the code sets a standard for responsible banking conduct.

Furthermore, the code amendments aim to address challenges faced by small, family, and farming businesses, especially in regional areas. By enhancing protections and expanding coverage, the code acts as a crucial safeguard for businesses navigating the financial landscape.

As the banking environment evolves, the Ombudsman emphasizes the importance of incorporating rising best-practice standards in each iteration of the code. It is essential for banks to ensure that the benefits of their expanded commitments apply to both current and prospective small business customers.

Mr. Billson’s call for the ongoing independent review of the General Insurance Code of Practice to prioritize the protection of small businesses and consumers underscores the commitment to upholding industry standards and consumer rights.

Contact Information: Media contact: 0448 467 178 / www.asbfeo.gov.au

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