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The Australian Banking Association has opened the table for submissions for the Banking Code of Practice review.
Anna Bligh, CEO of the Australian Banking Association (ABA), said the submissions that will be coming from individuals, businesses, consumer groups, regulators, and other stakeholders will be able help further enhance the strength and credibility of the Code.
“The Code is a rule book for banks that sets out clear rights for customers. It is enforceable at law and used as the standard by which the Australian Financial Complaints Authority considers customer complaints against banks, so getting it right really matters," she said.
Bligh said the more recent versions of the Code already reflect the recommendations by the Hayne Royal Commission and other initiatives of the industry.
"Importantly, it’s the first financial industry code to be approved by ASIC. This review presents an opportunity to further strengthen the Code," she said.
The review of the Code is being undertaken by Mike Callaghan, the current chairperson of the Commonwealth Grants Commission.
"The focus of the review will be on ensuring that the Code meets consumer and community expectations," he said.
The review has published a consultation note which stakeholders can access at bankingcodereview.com.au. Submissions are open until 6 August, with the findings set to be released by November.
