BEN committed to resolving matters raised by ASIC regarding Unfair Contract Terms

Bendigo and Adelaide Bank Limited (BEN) has been served with court proceedings commenced by ASIC against the Bank in relation to the application of the unfair contract terms legislation. The proceedings relate to a version of its small business loan contracts under its Delphi Bank and Rural Bank brands in place between 2016 and June 2019.

The relevant 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.

Rural Bank customers can contact their Relationship Manager or the Customer Service Team on 1300 660 115 for more information.
Delphi Bank customers can contact their Relationship Manager or call 1300 660 550 for more information.