As part of a new set of initiatives, one industry association has taken steps to rebuild trust and restore confidence.
The Australian Bankers’ Association has released details of the independent review of its Code of Banking Practice, which sets standards of good conduct for banks.
“The Code of Banking Practice 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 will make recommendations on how it could be improved,” he said.
Following consultation with stakeholders and banks, Phil Khoury, managing director of Cameron Ralph Pty Ltd, has been appointed to conduct the review.
Mr Khoury will consult with banks, consumer and small business organisations, the Finance Sector Union and employees of banks, regulators and other stakeholders.
Mr Khoury will also conduct a review of the activities of the Code Compliance Monitoring Committee, the independent compliance monitoring body established under the original Code of Banking Practice.
The Code of Banking Practice sets standards of good banking practice, covering banking services, information and disclosure, complaints handling, customers with special needs and customers experiencing financial difficulty.
[Related: Banks face independent remuneration probe]