Code change
ACDBA’s Code of Practice will cease to apply to Subscribers’ collection transactions from 30 June 2023.
This decision recognises the extremely low number of Code complaints, redundancy of the Code’s purpose due to regulatory, legislative and other developments increasingly mirroring or eclipsing the code obligations together with the unsustainable financial impost of maintaining a code on a small member based association.
Since its inception in 2016, the Code has had a very low complaints experience with a total of only 17 complaints in seven years - no finding of any Code breach arose from those complaints.
The Code successfully encouraged Subscribers to review and maintain their operations to meet the code obligations. These standards are now embedded into industry policies & practices and together with increased regulatory, legislative and industry guidance have effectively made the need for the Code redundant as other existing extensive regulatory processes including the Australian Financial Complaints Authority are effectively dealing with consumer complaints.
27 June 2023
