In these uncertain times, the financial services industry is experiencing unprecedented levels of customer queries and financial hardship requests. As a result of the high volume of customers in distressed circumstances, on 25 June 2020 ASIC approved temporary changes to the Banking Code of Practice (the Code) so that Banks can continue to provide suitable support to their customers.
The Code has now been modified to include the COVID-19 Special Note which sees the temporary changes apply until 1 March 2021.
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Sonia Apikian, Partner
Sarah Rogers, Associate