Bendigo and Adelaide Bank Limited has been served with court proceedings commenced by ASIC against the Bank in relation to the application of the unfair contract terms legislation to a version of its small business loan contracts issued between March 2017 and June 2019 under the Rural Bank brand.
The relevant Rural Bank terms and conditions appear in previous versions of small business loan contracts. These contracts were updated in July 2019 in response to additional guidance provided by ASIC via Report 565 released last year and the new Banking Code of Practice.
The Bank is cooperating with ASIC in relation to the court proceedings with a view to reaching a mutually agreed outcome. We remain committed to keeping our customers at the centre of everything we do and ensuring we satisfy all regulatory requirements and guidelines.
Please contact your Rural Bank Relationship Manager or our Customer Service Team on 1300 660 115 for more information or any queries in relation to this issue.