Better for customers under the Code of Banking Practice

As an Australian Banking Association (ABA) signatory, Suncorp has commenced operations under the new Banking Code of Practice (‘the Code’).

Suncorp Banking & Wealth CEO David Carter commented the Code provides new rights, protections and support for all customers with increased focus on small business owners and customers experiencing vulnerability.

“Suncorp’s active participation and support for the Code provides better banking for all Australians, strengthening our commitment to ethical behaviour, responsible lending, greater financial protection and increased transparency for the benefit of customers.

“With many Australians currently facing some form of vulnerability we’ve found new ways to deliver value and improve the experience when our customers need our support the most,” Mr Carter said.

Small business customers will be issued simplified loan contracts with fewer conditions for those with loans under $3 million. Suncorp will also be providing more notice if and when loan conditions change.

Earlier this year, Suncorp announced a $3 billion lending pledge for small, commercial and agri business owners.

“Supporting small business across Australia is one of the most important things the bank does because when local businesses succeed, local communities thrive.

“We are committed to the continued reform of both our Business and our industry to ensure we’re building a transparent and authentic connection with our customers,” Mr Carter said.