code of conduct that would regulate branch closures similar to regulations in the UK would be a crucial way to safeguard access to cash for regional communities, according to a finance expert.found more than 2100 bank branches were closed in Australia between 2017 and 2023 - almost 40 per cent of branches.
RMIT University finance researcher and associate professor Dr Angel Zhong supports a mandatory banking code of conduct in Australia that would require banks to consult with the community and seek regulatory approval before closing a branch. Introduced last year, the legislation aims to maintain current levels of access to cash across the UK by fining banks that fall below a minimum level of service.
Australia's geography and distribution of population makes the three-mile rule difficult to replicate in Australia, an Australian Banking Association spokesperson told 9news.com.au.
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Source: 7NewsSydney - 🏆 16. / 63 Read more »