The Code applies to the following persons who are being, or may be, provided banking services (collectively referred to as customers throughout this update):
- Individual customers
- Small business customers with an annual turnover of <$10m in the previous financial year, fewer than 100 FTE employees and <$3m total debt to all credit providers
- A guarantor or prospective guarantor securing a loan to an individual or small business customer
Banking services means any financial services or products provided by the bank or through an intermediary. It includes bank accounts, term deposits, credit and debit cards, home and personal loans, overdrafts, bill facilities, consumer credit insurance (CCI) and payment and forex services but expressly excludes shares, bonds and securities as well as financial products and services provided to wholesale customers.