New banking code with claims of 'real teeth' comes into force

Australians have been promised better service from their banks under a new code of practice that the industry argues has"real teeth".

"It's a set of rules about how they treat customers, and it provides customers with rights and protections that are new."Every major bank with customers has agreed to be bound by the code, which comes into effect on Monday at the start of the new financial year. People with credit cards will need to be told when their introductory offers are about to run out and there will be a new three-day cooling off period for those who agree to be guarantors for other people's loans.

Ms Bligh said the damning financial services royal commission showed banks need to rebuild Australians' trust.The new code is about the industry going"above and beyond" to do just that, while it awaits further legislative changes.

'Real Teeth' c/- auspol LiberalAus

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