Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

The Minister for Financial Services and Superannuation has provided the following answer to the honourable senator's question:

The Australian Bankers Association Inc has released the Code of Banking Practice. This Code notes that in respect of debt collection, the banks will comply with the Australia Competition and Consumer Commission's guidelines "Debt Collection and the Trade Practices Act" (now called the Competition and Consumer Act 2010). The Code requires banks to participate in a Code Compliance Monitoring Committee to monitor the banks compliance with the Code. The guidelines set out the rules regarding: what a debt collector can do with a debtor's personal information, how a debt collector can contact a debtor (including debtors with a special disadvantage) and the role of independent external dispute resolution schemes. The Commonwealth also has in the Competition and Consumer Act 2010 laws to prohibit the use of physical force, unconscionable conduct, undue harassment and coercion in debt collection.