Powered by MOMENTUM MEDIA
subscribe to our newsletter
Industry association moves to repair public image

Industry association moves to repair public image

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.

The public is invited to make submissions at This email address is being protected from spambots. You need JavaScript enabled to view it..

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]

Advertisement
Advertisement
Industry association moves to repair public image
mortgagebusiness

 

Latest News

The federal opposition has released its response to the final report of the banking royal commission, agreeing to 75 of the 76 recommendatio...

A class action suit has been filed against the major bank for allegedly approving home loans outside serviceability. ...

In its update on the implementation of Commissioner Hayne’s recommendations, the corporate regulator has hinted that it is investigating...

FROM THE WEB

POST RC PANEL DISCUSSION ADDED

podcast

LATEST PODCAST: The current mindset of the mortgage industry

Is enough being done to ensure responsible lending?