In August 2021, we responded to the 2021 Independent Review of the Banking Code of Practice – Consultation Note.
Our submission focused on issues that may impact the frameworks we administer. We supported a review of the Banking Code of Practice that has regard to the pace of technological innovation in payments, regulatory change, and changes in customer behaviour and banking services. Accordingly, we submitted that a review of the Code should aim for technological and regulatory neutrality, and assess the relevance of existing Code provisions as well as new developments.
We also suggested that any Code review recommendations are timed to align with the outcomes of concurrent reviews, such as the Treasury Review of the Australian Payments System, without creating duplication of those regimes.
AusPayNet’s submission is available below.