Bank of Queensland announced today it had adopted the Australian Bankers Associations (ABA) revised Code of Banking Practice for personal and small business customers.
The Bank, which has been a signatory to the original Code of Banking Practice since it was first released in 1996, was keen to adopt the revised version.
Managing Director David Liddy said the Bank had worked closely with the ABA to develop the revised Code, which enshrined important new and existing rights for personal and small business customers.
The Code was developed following extensive consultation with consumers, business groups and regulators, Mr Liddy said.
The revised Code builds significantly on the earlier edition and now:
- includes small business for the first time;
- ensures provision of information for prospective guarantors before they commit to guaranteeing someone elses debt;
- ensures provision of important information on credit card chargebacks;
- helps customers cancel direct debit authorities;
- assists customers suffering financial difficulties with their bank loan overcome those difficulties.
The revised Code is a major step forward by Australian banks in listening to community concerns and delivering change, Mr Liddy said.
Once adopted by a bank, it is an enforceable contract between that bank and all its customers and is independently monitored to ensure compliance.
It reinforces and complements Australias world class banking system and brings a new dimension to customers freedom of choice in banking services.
The three-yearly review of the Code ensures we can continue to develop and improve it in response to industry conditions and customer demands, Mr Liddy said.