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The Banking Code of Practice is a set of enforceable standards that customers, small businesses, and their guarantors can expect from Australian banks first introduced in 1993. The Code is a set of promises outlining how a bank should conduct itself in its dealings with customers, as well as specific requirements for banking services.
The Corporations Act 2001 sets up a uniform approach to the regulation of financial services through a uniform licensing and disclosure regime. The general regulatory position is that a person (whether an individual or corporate entity) carrying on a financial services business in Australia must, unless exempted, hold an Australian financial services licence (AFSL) issued by ASIC.
AusPayNet is also the official issuer and custodian of Bank State Branch (BSB) numbers, the bank code system used in Australia. AusPayNet assigns the bank code to a financial institution who then allocates the other digits, in line with guidelines set by AusPayNet. AusPayNet also manages the Magnetic ink character recognition (MICR) cheque ...
Australia & New Zealand Banking Group; National Australia Bank; There are several smaller banks with a presence throughout the country, and a large number of other financial institutions, such as credit unions. Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia ...
Great Southern Bank has an Australian-based contact centre in Melbourne. It is part of the Customer-owned Banking Association, [7] the industry association for mutual banks, credit unions, and building societies, adhering to the association's Customer-owned Banking Code of Practice. [8]
At the time, the regulators of the Australian financial services industry were based on the institutions and not the regulatory function. APRA's predecessor regulators were the Insurance and Superannuation Commission, the Reserve Bank of Australia and the Australian Financial Institutions Commission (AFIC). The Wallis Inquiry recommended a new ...
The first digit of the bank code was either 0 (for trading bank accounts) or 1 (for savings bank accounts), with a common second digit. For example, 03 was for Westpac's trading accounts, while 73 was for Westpac's savings accounts. Some banks continue to use two bank codes, which today are of only historic and legacy significance. [citation ...
The Australian Banking Association (ABA), formerly the Australian Bankers' Association, is the trade association for the Australian banking industry. The ABA was founded in 1985 [1] and is based in Sydney, New South Wales. The ABA represents twenty-two banks [2] and associate members. It provides analysis, advice, and advocacy for the banking ...