Reviewing the Code
Please click on one of the following links to view the Final Report:
The Code of Banking Practice 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. The Code provides for it to be reviewed every three years.
The purpose of the current review is to determine how the Code of Banking Practice has been working since the last review and to identify and make recommendations as to how it can be improved. The review is considering appropriate changes to the Code of Banking Practice; it is not a general review of banks or the banking industry.
About the Independent Reviewer
Jan McClelland is an experienced reviewer who has previously headed Government Reviews into a wide range of issues and sectors, including reviews into the NSW Consumer, Trader and Tenancy Tribunal, NSW Government Recruitment, Mine Safety, Police Education, Road Safety Education, Business Planning and Corporate Governance, and Shared Services, Asset Management and Procurement.
Ms McClelland was the former NSW Director-General Education and Training and Managing Director of the NSW TAFE Commission and has held senior public service positions with the NSW Departments of Education and Training, Health and Public Service Board. She is also Chair and Director of government, private sector and not-for-profit organisations. In 2005, Ms McClelland was Chair of the Australian Consumers Association now known as CHOICE.
How the Code was reviewed
To identify areas where the Code can be improved, the Independent Reviewer held consultations with interested stakeholders, including consumer groups, financial institutions and regulatory bodies. Members of the public were also able to have a say by making submissions to the Review;
- Following these consultations, the Independent Reviewer produced an Issues Paper on 28 May 2008 outlining draft recommendations on changes to the Code;
- Interested parties were invited to make written submissions on the Issues Paper by 31 July 2008;
- Those making submissions were asked to indicate if they wished their submission to be confidential;
- Further consultation occurred on the written submissions with interested stakeholders;
A Final Report with recommendations about what changes are considered necessary and reasonable for the Code was released on 16 December 2008.
The Independent Reviewer, Jan McClelland, has concluded the Review of the Code of Banking Practice and delivered the Final Report.