fbpx

Review of Code of Banking Practice commences

7 July 2016

Sydney 7 July, 2016: The Australian Bankers’ Association has today released details of the independent review of the Code of Banking Practice, which sets standards of good conduct for banks.

“The Code of Banking Practice (the Code) is important in helping individual and small business customers understand how they can expect to be treated by their bank,” ABA Chief Executive Steven Münchenberg said.

“The independent review will determine if the Code continues to serve customers’ interests and it will make recommendations on how it could be improved,” he said.

Following consultation with stakeholders and banks, Mr Phil Khoury, Managing Director of Cameron Ralph Pty Ltd, has been appointed to conduct the review of the Code.

Mr Khoury will consult with banks, consumer and small business organisations, the Finance Sector Union and employees of banks, regulators and other stakeholders.

The public is also invited to make submissions on any of the matters in the Terms of Reference. Submissions can be sent to banking.code.review@cameronralph.com.au and are requested by 19 August 2016.

Mr Khoury will also conduct a review of the activities of the Code Compliance Monitoring Committee, the independent compliance monitoring body established under the Code.

More information on the independent review, including the Terms of Reference, is available at www.cobpreview.cameronralph.com.au.

In April this year the ABA announced a review of the Code as part of major industry initiatives to build trust and confidence in banks.

Mr Ian McPhee AO PSM is independently overseeing the industry initiatives, including this review.

Background:

The Code 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 FAQ’s, 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

1 / 3
FAQs: what you need to know about COVID-19 small business relief
25 March 2020

Helping businesses to remain viable and keeping people in their homes is good for everyone.

Read more
Media Release
Second stimulus package will help support small business
22 March 2020

Today’s announcement by the Federal Government of a second stimulus package, which includes an SME Guarantee Scheme and direct cash grants, will help keep businesses open and save jobs, building on the measures already announced by banks on Friday.   The SME Guarantee Scheme which allows for further funds to be injected into small business will… Read more »

Read more
Media Release
Banks announce Small Business Relief Package
20 March 2020

Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.

Read more