Document ID: chunk:federal_register_of_legislation:F2021L00043:schedule:1:p2
Version: federal_register_of_legislation:F2021L00043
Segment Type: schedule
Provision Reference: sch 1 (pt 2/4)
Character Range: 4948–8090

During the period for which this Special Note operates:

              1. On acknowledging your complaint, we will advise you of the possibility of delays to the usual required notifications during the complaints process.

             2.                 Despite anything in this Special Note, we will inform you, within 45 days of your complaint (or such other time as specified for the relevant dispute in ASIC's Regulatory Guide 165), of your rights to apply for external dispute resolution if we have not resolved your complaint.

         The effects of COVID-19 may also be relevant to our obligations under the Code when considering providing new or increased loans to your small business.

         These effects include the inherent difficulties in making predictions for matters such as the pace of economic recovery, and in assessing your ability to service such loans.

         In these circumstances, our obligation to engage with you in a fair, reasonable and ethical manner, and to exercise the care and skill of a diligent and prudent banker, will necessarily be informed by these matters and the effects of COVID-19 generally.

     2 Chapter 1 (definition of "Banking service")

    Omit the definition, substitute:

         "Banking service"

         Banking service means any financial service or product provided by us in Australia to you:
                  a) whether supplied directly or through an intermediary; and
                  b)  if provided by another party and distributed by us, extends only to the distribution or supply, and not to the service or product itself.

         Examples of banking services the Code applies to:
         •  bank accounts and term deposits;

         •  credit cards, debit cards, prepaid cards;

                  •  home loan, personal loans, bill facilities, overdrafts– in the Code these are included in the definition of "loans";

         •  consumer credit insurance;

         •  payment services; and

         •  foreign currency exchange services.

         However, banking services the Code does not apply to include:
         •  shares, bonds and other securities that we issue; and

                  •  financial products and financial services for the purposes of Chapter 7 of the Corporations Act 2001, if you are a 'wholesale client' rather than a 'retail client' (unless you are a wholesale client only because of section 761G(7)(b)).
    3 Chapter 1 (definition of "small business")

    Omit the definition, substitute:

         What is a "small business"?
         A business is a "small business" if at the time it obtains the banking service all of the following apply:
                  a)  it had an annual turnover of less than $10 million in the previous financial year*; and
                  b)  it has fewer than 100 full-time equivalent employees*; and
                  c)  it has less than $3 million total debt to all credit providers — including:
             i)  any undrawn amounts under existing loans;
             ii)  any loan being applied for; and
                      iii)  the debt of all its related entities that are