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 firstname.lastname@example.org. 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.
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.
“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.