The Banking Code of Practice (the Code) is the first substantive industry code to be approved by ASIC under the Corporations Act, and the Australian Banking Association (ABA) has sought and obtained approval for all subsequent changes to the Code. ASIC’s original approval of the Code was subject to the ABA agreeing to commission an independent review of the definition of "small business" in the Code within 18 months of the Code’s commencement. Accordingly, in September 2020, the ABA appointed Pottinger to conduct an independent review of the definition of "small business" under the Banking Code of Practice.
 
The Code is the Australian banking industry’s code of practice. It sets standards of good banking practice for banks to follow when dealing with their individual and small business customers and their guarantors. The latest version for the Code is known as the Banking Code of Practice (2019) and a link is provided to this document below.

The Code is applicable to individual and small business customers, as well as to their guarantors. Whether or not a business is covered by the provisions of the Code is determined by reference to the definition of ‘small business’ in the Code. Currently, the Code defines a business as a “small business” if, at the time that it obtains the banking service in question, all of the following apply:
  • It had an annual turnover of less than $10 million in its previous financial year; and
  • It has fewer than 100 full-time equivalent employees; and
  • It has less than $3 million total debt to all credit providers including any undrawn amounts under existing loans, any loan being applied for and the debt of all its related entities that are businesses.
Pottinger is publishing this questionnaire to enable any interested stakeholder to provide their perspectives on the review or some such.

For further information please visit this link

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* 1. What type of organisation do you represent?

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* 2. What is your interest in the review?

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* 3. If you are happy to be asked further questions related to the review, please provide your contact details

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* 4. The information collected through this questionnaire will be collated and may be used in the preparation of our report. Unless you indicate otherwise in the survey, we may quote answers given in the survey anonymously (ie individual names will not be published).  Please tick if you want your comments to remain confidential.

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