The Australian Bankers’ Association (ABA) has appointed a former ASIC executive as the independent party to review the Code of Banking Practice, which sets out the standards for good banking conduct.
The review commenced yesterday, the ABA said in a statement, and is being carried out by Phil Khoury, managing director of Cameron Ralph. He was previously an ASIC executive general manager for eight years.
As part of the review, Mr Khoury will consult with banks, consumer and small business organisations, the Financial Sector Union, and employees of banks, regulators and other stakeholders, the statement said.
He will also assess the activities of the Code Compliance Monitoring Committee, which was established under the existing code to be the monitoring body.
The review is set to be completed by 31 December 2016. The public is invited to make submissions on any of the matters in the Terms of Reference.
The ABA announced in April that a review of the code would be conducted as part of a raft of new consumer protection measures.
“The Code of Banking Practice is important in helping individual and small business customers understand how they can expect to be treated by their bank,” said ABA chief executive Steven Münchenberg.
“The independent review will determine if the code continues to serve customers’ interests and it will make recommendations on how it could be improved.”
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