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| What is the Code? |
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| The Code is a voluntary Code of Conduct that sets standards of good banking practice for banks to follow when dealing with individual and small business customers. |
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| Voluntary means that a bank can choose whether it wishes to adopt the Code. Once a bank adopts the Code, it is contractually bound by its obligations under the Code. |
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| Under the Code, banks give a general commitment to act fairly and reasonably towards customers and guarantors in a consistent and ethical manner. |
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| The Code also gives customers of banks that adopt the Code important legal rights, and confirms their existing rights in a number of areas such as: |
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Disclosure of fees and charges and other terms and conditions
Changes to terms and conditions and fees and charges
Disclosure of general information about banking services
Privacy and confidentiality
Statements of account
Copies of documents
Direct debits
Chargebacks on credit cards
Debt collection
Complaints handling
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Code Review Report was released in Dec 2008. For more information about this Report please visit our reviews page.
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