24 August 2016
Sydney, 24 August 2016: There is still an opportunity to make a submission to the independent review of the Code of Banking Practice, the Australian Bankers’ Association said today.
“The Code of Banking Practice, which sets standards of good conduct for banks, is being reviewed to ensure that it remains relevant and effective,” ABA Chief Executive Steven Münchenberg said.
“The independent reviewer, Mr Phil Khoury, has extended the deadline for submissions until 31 August 2016 to give people more time to contribute,” he said.
“This is an important opportunity for interested parties to have their say on customer rights and responsibilities and how banking standards can be improved.”
Submissions can be sent to [email protected]. The review’s Terms of Reference are available at cobpreview.crkhoury.com.au
“The review is part of comprehensive new measures by banks to protect customer interests and be more accountable,” Mr Münchenberg said.
More information is available at betterbanking.net.au.
Background:
The Code of Banking Practice sets standards of good banking practice when dealing with individual and small business customers and their guarantors. The Code covers obligations for banks in areas including the offer of banking services, information and disclosure, complaints handling, customers with special needs and customers experiencing financial difficulty.
Banks that adopt the Code must reflect this in their contracts with their individual and small business customers and are therefore contractually bound by their obligations.
More information on the Code, including FAQs, is available on the ABA website.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
@austbankers
bankers.asn.au
Latest news
The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »
ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »
Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »