The ABA made a big splash when relaunching the revised Banking Code

of Conduct which starts today, and yes it is a small win for consumers

and SME’s. However, we must ask this: since when are such financial

service basic hygiene issues as not charging for no service, advising

before charging, considering credit card repayment capacity, speaking in

plain English and offering suitable low-fee products, seen as so

revolutionary?

Frankly put, these are issues which an industry which truly focused

on the well-being of its customers would have long ago addressed. They

did not, and were dragged towards better outcomes by the Royal

Commission and public pressure.

So, yes, important baby steps, but still a massive leap is required

to the desired level of customer-centricity. There is nothing bold or

innovative here.