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The corporate regulator and the Australian Banking Association have agreed on a revised Code of Banking Practice.

The corporate regulator and the Australian Banking Association have agreed on a revised Code of Banking Practice, following months of disagreement.

The Australian Securities and Investments Commission (ASIC) has approved the Australian Banking Association’s (ABA new Code of Banking Practice (COBP), set to commence operation on 1 July 2019.

The new code has been approved following a prolonged dispute over certain terms of the new code, which came to light during the third round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry.

The new COBP includes:

New Rights and Protections for Customers:

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