|
Sydney, 31 March, 2003: The Australian Bankers’ Association welcomes the report from the Australian Securities and Investments Commission (ASIC) on financial institutions’ ‘Compliance with the Payments System Codes of Practice and the Electronic Funds Transfer (EFT) Code of Conduct, April 2001 to March 2002.’
The ASIC report catalogues banks’ compliance with the Code of Banking Practice and the EFT Code of Conduct.
For the Code of Banking Practice, the report notes that between April 2001 and March 2002:
-
there was a significant decrease of 34% in the incidence of disputes per million transactions from 3.28 per million in the previous period to 2.17 per million;
-
there was a decrease of 25% in the number of disputes from 12 668 in the previous period to 9 445.
For the EFT Code of Conduct, the report notes that between April 2001 and March 2002:
-
the incidence of complaints per million transactions remained constant for all subscribing financial institutions (not just banks) at 81 complaints per million transactions;
-
there was a 8% increase in complaints to all subscribing financial institutions (not just banks) from 121 434 in the previous period to 132 517;
-
for complaints about unauthorised transactions, the number made to the major banks decreased by 35% from 17 to 11 per million transactions, and for the minor banks it has decreased 27% from 11 to 8 per million transactions.
David Bell, Chief Executive of the Australian Bankers’ Association (ABA), said: “I am pleased to see that ABA member banks have achieved high levels of compliance with the Code of Banking Practice and EFT Code of Conduct.”
“These self-regulatory codes set out the banking industry’s key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their banking services.”
“This ‘good report card’ from ASIC is testimony that self regulation is working for the benefit of bank customers.”
For further information:
Heather Wellard
ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS |