The code typically described how banks dealt with accepting deposits and withdrawals and with customer disputes on transactions.
On 1 November 2009 the Financial Services Authority (FSA) Banking Conduct Regime commenced.
On 1 November 2009 it was superseded by the FSA Payment Services Regulations 2009,[2] amongst other things making banks legally liable for transactions unless they could prove that customers had authorised them.
The code was developed by the Australian Banking Association and is independently reviewed every three years to ensure it remains relevant.
[6] For the Code to be effective, some have argued that it should include basic tenets recommended by the Royal Commissioner in his interim report[7] and to make it strictly liable in law and breaches criminal.