Australian banks will be held to a higher standard after the implementation of a new code of practice which takes effect today, coinciding with the start of the financial year.
The new code, which every major bank with customers has agreed to be bound by, introduces a number of new policies, including a mandatory offer of low-fee or no fee accounts to lower income customers.
Australian Banking Association chief executive, Anna Bligh, says she expects banks to live up to a higher standard of conduct in the future and they will be held accountable for it if they do not.