Banking Codes

"The Code of Banking Practice establishes the banking industry’s key commitments and obligations to its individual and small business customers on standards of practice, disclosure and principles of conduct for their banking services. The Code is a good example of industry self-regulation and of the banking industry’s response in meeting the interests of customers in a dynamic and changing retail banking services market. The Code is not legislation but when your bank adopts the Code, it becomes a binding agreement between you and your bank. In some respects the Code provides for situations not covered by the law and in others goes further than the law in providing rights and obligations. The ABA has established the Code Compliance Monitoring Committee (CCMC) which will monitor compliance and have the power to publicly name a bank which has been found guilty of a serious or systemic breach of the Code." [AUSTRALIAN BANKERS ASSOCIATION's website]