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Code of Banking Practice

What's in the Code?

The Code of Banking Practice is the banking industry's customer charter on good banking service. Virtually all banks providing services to retail customers subscribe to the Code.

The original Code of Banking Practice was released in 1993. The Code is reviewed every five years. The last review of the Code concluded in January 2013.

The newly revised Code will take effect for existing Code Subscribers on 1 February 2014.The existing Code remains in effect until this time, and both versions of the Code are available on the
Australian Bankers' Association (ABA) website.

For more information on the review of the Code and its Final Report, visit the Independent Reviewer's website.

The Code includes provisions on:
The Code also gives loan guarantors important disclosure and other rights. In addition, there is a general commitment to act fairly and reasonably towards customers and guarantors in a consistent and ethical manner.

It applies to individuals and small business customers of subscribing banks, and to guarantors.

Who 'owns' the Code?

The Code is an initiative of the
Australian Bankers' Association. However, any retail bank can subscribe to the Code irrespective of whether it is an ABA Member.

How does the Code work for consumers?

A bank only becomes bound by the Code when it announces publicly that it has adopted the Code. For up-to-date information on whether your bank has adopted the Code, contact the
ABA. The ABA maintains and publishes a list of banks that have adopted versions of the Code on their website. You can also ask your bank about their subscription.

Who should I contact if I think my bank has breached the Code?

If you have a complaint that your bank has breached the Code you should first discuss the matter with your bank using their internal complaint handling service. If your complaint is not resolved by the internal complaint handling service, the
Financial Ombudsman Service (FOS) may be able to help. You can contact FOS on 1300 780 808.

You can also complain to the Code Compliance Monitoring Committee (CCMC) – an independent panel set up to investigate possible breaches of the Code. You don’t have to show you have suffered a loss to complain to CCMC. You can contact them on 1300 780 808.

If you believe the breach of the Code is serious and/or may involve many bank customers apart from yourself, you may wish to make a complaint to ASIC.

Where can I get a copy of the Code?

You can
download a copy of the Code or contact the ABA on (02) 8298 0417. You may also be able to obtain a copy of the Code from your bank if it has adopted the Code.

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Codes of practice

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