The Code of Banking Practice is a set of promises outlining how a bank should conduct itself in its dealings with customers, as well as specific requirements for banking services.
The Code is owned and published by the Australian Bankers’ Association and forms an important part of the broader financial services consumer protection framework.
Banks can choose to sign up to the Code – it’s voluntary. When they do, they are promising to meet the Code’s standards of good banking practice.
The Code of Banking Practice contains a range of obligations to customers and potential customers, including obligations related to:
- account suitability
- terms and conditions
- direct debits and chargebacks
- privacy and confidentiality
- joint debtors
- provision of credit
- financial difficulty and debt collection
- dispute resolution
See the register of banks that subscribe to the Code of Banking Practice.
The Code Compliance Monitoring Committee (CCMC) independently monitors the Code of Banking Practice to ensure code subscribers are meeting their obligations, and achieving service standards Australians can trust.
The Financial Ombudsman Service Code Compliance and Monitoring team (FOS Code) provides code monitoring, secretariat and administrative services to the Committee. FOS Code is a separately operated and funded business unit of the Financial Ombudsman Service.
The CCMC’s role is to ensure banks comply with the Code of Banking Practice. It does not provide compensation. If you are seeking compensation, talk to your financial services provider or lodge a dispute with the Financial Ombudsman Service.
If you believe a bank may have breached the Code of Banking Practice, you can report your concern by emailing FOS Code or calling 1800 367 287 and asking to speak with FOS Code’s Investigations Manager.
Read the CCMC’s publications for in-depth analysis of code compliance within the Australian banking industry.