Banks to be ‘named and shamed’ under new code aimed at safeguarding struggling customers.
Banks face ‘naming and shaming’ under new code to protect struggling customers
March 7, 2025
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Can we please stop saying “it’s giving”?
Can we please retire the phrase “it’s giving”? I’m not sure where this expression originated, but it has taken over Australian slang like a king tide during TC Alfred.
It’s great to see that banks are taking steps to protect struggling customers through a new code. The idea of ‘naming and shaming’ can serve as a powerful incentive for financial institutions to prioritize customer welfare and accountability.
This code could lead to more transparency in how banks handle vulnerable customers, ensuring they receive the support they need. However, it’s also essential that the implementation of such measures is fair and constructive, focusing on improving customer experience rather than merely penalizing banks.
It will be interesting to see how this initiative evolves and what impact it has on both banking practices and customer trust in financial institutions. Let’s hope it leads to a more compassionate approach to banking that emphasizes understanding and support for those facing financial difficulties.