Customer-owned banks have been urged to “sharpen their focus” when providing services to vulnerable customers, ahead of a more demanding code of practice coming into force in October.
The new code introduces more detailed and stringent obligations when dealing with customers experiencing vulnerability, due to issues including age-related impairment, disability, language and mental illness.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
