The year 2017 saw the big banks introduce a slew of measures, from scrapped ATM fees to new ethical codes, all intended to boost their battered reputation and fend off a royal commission.
In the end these measures were not enough, and in late November Prime Minister Malcolm Turnbull folded to political pressure and called a royal commission.
Nevertheless many of the banks voluntary measures will significantly improve consumer experience.
In particular, the new Banking Code of Practice, a list of consumer-centric reforms written by the banks themselves, will make a number of changes that consumers can use to their advantage.
Currently before the Australian Securities and Investment Commission for approval, the new Code is likely to include re…
Read the full article at: https://thenewdaily.com.au/money/your-budget/2017/12/28/take-advantage-banks-attempt-ethical/
