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 email@example.com 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.
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.
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Australians affected by the catastrophic bushfires across parts of Australia are encouraged to contact their bank to access a wide range of assistance available.
Senior bank representatives have today heard firsthand of worsening drought conditions from farmers affected at a roundtable convened by AgForce Queensland. The roundtable, held at the request of AgForce just outside Toowoomba in Nobby, brought together senior banking representatives responsible for agricultural lending as well as local farmers and community groups. CEO of the Australian… Read more »
The Australian Securities and Investments Commission (ASIC) has given the final approval for a new version of the Banking Code of Practice 2019 that implements recommendations of the Royal Commission. The approval comes after the Australian Competition and Consumer Commission (ACCC) gave authorisation in November this year for the Royal Commission changes to the Code… Read more »