Review of the Code of Banking Practice is underway
Review of the Code of Banking Practice is underway
The review of the Code of Banking Practice is now underway and independent consultant Jan McClelland is conducting the review.
The Code provides for it to be reviewed every three years. The Code sets out the banking industry's key commitments and obligations to customers on standards of practice, disclosure and principles of conduct in relation to banking services. It applies to personal and small business bank customers.
This website provides information about the Review.
Issues Paper
The Independent Reviewer released an Issues Paper in May 2008 outlining a series of interim recommendations for further consultation with consumer and industry groups and other interested stakeholders.
The interim recommendations included:
- Including general principles of “responsible lending” in the Code, to ensure credit is offered by lending institutions in a responsible manner;
- Recognising the role of financial counsellors in managing cases of hardship;
- Setting up a one-stop-shop process for dealing with customers’ complaints about compliance with the Code;
- Revising the language used by the Code in order to make it easier to understand; and
- Developing policies to further help customers who are facing financial hardship.
The Independent Reviewer has received a number of submissions in response to the Issues Paper. The submissions can be viewed by clicking on Issues Paper Submissions.
The Independent Reviewer is considering these submissions and engaging in furthere consultations with interested parties in preparing the final report. At this stage, the final report was to be released in October but the delivery date has been extended to December 2008.
Contacting the Independent Review
The Independent Reviewer can be contacted by:
Mail: Review of Code of Banking Practice
P O Box 3419, GPO Sydney NSW 2001
Email: info@reviewbankcode2.com.au
Fax: 02 9879 6783
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