University of Wollongong academic warns not all banks are bound by new regulations
- ellie978
- Jul 9, 2019
- 1 min read
Changes to Australia's banking codes came into force this week which could see consumers better off, but not all institutions are bound by the changes.
In response to the Banking Royal Commission, a Banking Code was re-written and came into force on July 1 - the governing body being the Banking Code Compliance Committee.
University of Wollongong finance lecturer Dr Paul Mazzola said it will offer more transparency around products and processes - such as ensuring fees and interest rates are clearly explained - but it won't catch everyone out.
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