The ABA made a big splash when relaunching the revised Banking Code of Conduct which starts today, and yes it is a small win for consumers and SME’s. However, we must ask this: since when are such financial service basic hygiene issues as not charging for no service, advising before charging, considering credit card repayment capacity, speaking in plain English and offering suitable low-fee products, seen as so revolutionary?
Frankly put, these are issues which an industry which truly focused on the well-being of its customers would have long ago addressed. They did not, and were dragged towards better outcomes by the Royal Commission and public pressure.
So, yes, important baby steps, but still a massive leap is required to the desired level of customer-centricity. There is nothing bold or innovative here.
A further deeper dive into the RBA Review recommendations. I felt it was more like blancmange, than a piece of innovative reform – not...
I caught up with Senator Rennick (LNP Queensland) after his recent outings in Senate Estimates and his speech on Superannuation. We explored the broader...
This week we got an interesting report from the RBA , contained in their April 2026 Bulletin titled Cash Use in Australia: What the...