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Rural Bank committed to resolving matters raised by ASIC regarding Unfair Contract Terms.

ASIC regarding Unfair Contract Terms

Categories: General

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.      
 

Source: Rural Bank

 

Disclaimer: Whilst all care has been taken in compiling the information, the information should not be relied upon as substitute for professional advice where necessary. Rural Bank accepts no responsibility for the accuracy, completeness or timeliness of the information and disclaims all liability in relation to any loss or damage suffered by the use of or reliance upon any information contained herein or in any attachment or annexure hereto by any person. Rural Bank – A Division of Bendigo and Adelaide Bank Limited ABN 11 068 049 178 AFSL 237879