The Australian Banking Association launched a new banking code of practice, according to a Friday release from the industry body.

The updated code expands the definition for small businesses, adding an additional 10,000 small businesses under the new definition. It also contains an expanded section on support available to customers facing financial difficulty.

The new code sets out new obligations for banks to meet with customers intending to act as guarantor to help them understand their obligations before accepting a guarantee, a new vulnerable customer definition, as well as new provisions for managing deceased estates.

The updated code was developed through consultations with stakeholders, consumer advocates, small business representatives, and regulators and it has been approved by the Australian Securities and Investments Commission.