From hallandwilcox.com.au: The 2025 Banking Code of Practice, effective from 28 February 2025, introduces several key changes, including a revised definition of ‘Small Business’ with an increased debt limit from $3 million to $5 million.

It recognizes the potential for customer vulnerability and mandates banks to enhance inclusivity and accessibility, while also placing new obligations around guarantors and the sale of debt to third parties.

Additionally, the Code streamlines the management of deceased estates, requiring banks to promptly secure accounts and halt charges after notification of a customer’s death.