Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

ABA - Australian Bankers' Association : Code of Banking Practice works well for bank customers - ABA responds to Mr Wilkie Independent MP

08/21/2012 | 03:23am EST
ABA responds to Mr Wilkie Independent MP

The ABA has today rejected suggestions from Mr Andrew Wilkie, Independent MP, who has claimed the Code of Banking Practice is a 'toothless tiger'. In a media statement1 , Mr Wilkie has called for a new Code and asked that the Australian Prudential Regulation Authority (APRA) be provided powers to fine, name and shame banks if they breach his proposed new code.

Steven Münchenberg, Chief Executive of the ABA, said: "The Code of Banking Practice is a contract between customers and subscribing banks which means courts can review compliance with the code."

"Banks' small business customers and individual customers have a number of avenues they can take a complaint if they believe that a bank has breached the Code of Banking Practice. They can go to the Financial Ombudsman Service (FOS), the Code Compliance Monitoring Committee (CCMC) and the Australian Securities and Investments Commission (ASIC).

"APRA is a prudential regulator and has no role in looking at these types of issues."

"As well, there are already numerous laws in place which protect bank customers. We need to be wary of just adding additional layers of regulation that make it more risky and expensive to lend to small businesses."

Mr Münchenberg said that bank customers can enforce their rights under the Code of Banking Practice.

"If a bank customer has a complaint, it is a good first step is to raise the issue with your bank. Your bank has an internal complaint handling service to assist you," he said.

"If your complaint is not resolved or the internal complaint handling service cannot resolve it, the FOS may be able to help."

"The FOS can be contacted toll free on 1300 78 08 08 or the website is www.fos.org.au. The FOS works with the bank customer and the bank to try and resolve the dispute. The FOS acts independently by not taking sides. It aims to get a fair outcome for both parties to a dispute."

"The FOS also provides an annual report which includes comprehensive Comparative Tables about the disputes performance of Australia's major financial services providers which includes banks. Consumers can find out how likely other consumers were to bring a dispute to FOS about a particular product from a particular financial service provider and what the outcomes of disputes involving particular providers were."

"The CCMC has been set up to investigate possible breaches of the Code, meaning that a possible breach can be referred to this committee."

For further information: 

Heather Wellard, ABA PR,

T: 02 8298 0411

M: 0409 830 439 




1"Taming the Banking Tigers". Tuesday, 21 August, 2012 

distributed by

© Publicnow 2012
Latest news "Economy & Forex"
05:56pTexas electricity providers have failed to pay $1.66 billion in overall charges due from the february blackout -ercot
05:56pErcot did not disclose which electricity companies failed to pay power bills, will begin naming firms in future
05:56pTexas power grid operator ercot says another $345 million in charges for electricity, services went unpaid on monday
05:55pNike's North American head steps down after report reveals ties to resale business
05:49pHow a 10-second video clip sold for $6.6 million
05:38pCommunications Services Up On Cyclical Bias -- Communications Services Roundup
05:27pBitcoin rises 8% to $48,861.48
05:26pUtilities Up As Treasury Yields Level Off -- Utilities Roundup
05:25pKOSS  : GameStop surges more than 18%, other 'meme stocks' also rally
05:25pNew U.S. COVID-19 cases hit plateau after steep drops
Latest news "Economy & Forex"