We recognise our role in society and our impact on the wider community.We will comply with all laws relating to banking services.We are committed to making promises and keeping them to deliver good customer and community outcomes.We are committed to earning and retaining the trust of our customers and the community.They guide us in our decision-making when performing our work and serving our customers. These principles - shared by all member banks - provide an ethical, customer-oriented and sustainable framework.
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The Code is underpinned by our Statement of Guiding Principles Over time, many of the standards embedded in the Code have been included in the law.īy promoting best practice, the Code has led to higher standards in the banking and financial services industry. It replaces the previous version, The Code of Banking Practice 2019. This version of the Code has been developed in close consultation with key stakeholders including consumer groups, government, regulators and the banking industry. Since then, it has undergone multiple improvements - responding to emerging issues and the changing needs of our customers - to ensure it remains relevant. It complements the law and, in some areas, sets higher standards than the law.
The Code provides safeguards and protections not set out in the law. This version of the Code takes effect from 1 March 2020. The Banking Code of Practice (the Code) is one of the ways we strive to achieve these goals What is the Banking Code of Practice? The Banking Code of Practice (the Code) sets out the standards of practice and service in the Australian banking industry for individual and small business customers, and their guarantors. To do this, we will look to continually improve our banking services and how we engage with our customers and communities.
In fulfilling these responsibilities, we will continue to contribute to the stability, strength and prosperity of Australia’s financial system and society. We are committed to continuously improving and being accountable. We acknowledge that our responsibilities to customers, investors, employees and the broader community must be carefully balanced.Ĭustomers, investors, employees and communities expect our behaviour to meet high ethical standards, backed up by the right internal culture and practices. We understand that trust is critical to our relationships with customers and that for us to earn that trust, we need to do the right thing. Our customers count on us to provide them with a safe place to deposit money, to offer a wide range of options to access banking and financial services, and to help businesses start and grow. I look forward to the Banking Code of Practice improving the banking experience for all customers.Īustralian Banking Association Our role in society Australia’s banks play an important role in contributing to the prosperity of the nation’s economy, for the benefit of all Australians. In an Australian first, this new Banking Code of Practice has been considered and approved by the Australian Securities and Investments Commission under their industry code approval powers. In addition to a community and industry wide expectation, the high standards of behaviour and service set out in this Code are enforceable rights for customers. With this new Banking Code of Practice, banks take on a stronger responsibility to deliver on that expectation. In a world where technology is rapidly changing the banking experience, making it more convenient, more mobile and more transparent than ever before, strong, ethical banks remain critical to customer trust and confidence. In signing this important document, these banks make a commitment to you, their customers, to ethical behaviour, to fair and responsible lending practices and to the protection of your privacy. The Code is part of a significant reform agenda to improve banking services to better meet community standards and expectations.Īustralians, along with businesses large and small, entrust their financial security and wellbeing to one or more of the banks who are signatory to this Code.
The Banking Code of Practice sets a new standard of customer service for Australia’s banks.
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