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A banking code of conduct is needed to make sure Australians living in rural communities can still access to cash amid a flurry of bank branch closures in country towns, a new Senate report claims. The report released on Friday by the Senate inquiry investigating bank closures in regional Australia recommended the Australian Government “urgently develop” a mandatory banking code of conduct, along with seven other recommendations.
University finance researcher Dr Angel Zhong backed a code of conduct to protect country customers. “Implementing a mandatory banking code of conduct in Australia would enhance consumer protection and transparency, ensuring fair treatment and accountability within the banking sector,” Zhong told 7NEWS.com.au. “It would safeguard against branch closures through required community consultations and impact assessments, promoting financial inclusion, especially in rural areas.
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