ASIC has given the go-ahead for a revised edition of the Australian Banking Association’s (‘ABA’) Banking Code of Practice, which will take effect on 28 February 2025. In response to feedback from the Law Council of Australia’s Elder Law and Succession Committee, the new Code will introduce fresh guidelines for how banks handle deceased estates.
The Code’s responsibilities create binding commitments between the bank and its clients, allowing clients to escalate breaches of the Code through the bank’s internal dispute resolution process and, if necessary, to the Australian Financial Complaints Authority for external dispute resolution.
Although the new Code won’t be enforced until the end of February 2025, it can be accessed on the ABA’s website.