REVIEW THE CODE OF BANKING PRACTICE - ABA WELCOMES ISSUES PAPER Comprehensive ABA Program Soon to be Detailed to Deal With Key Community Concerns Sydney, 5 March, 2001: The Australian Bankers’ Association (ABA) today welcomes the release of Mr Richard Viney’s Issues Paper as part of the Review of the Code of Banking Practice. David Bell, CEO of the ABA, said: "Very shortly, the ABA will announce a comprehensive program, on which we have been working for some time, to deal with key community concerns about banking. "A response to the Issues Paper is an important element of that program. The ABA will be consulting with the community on matters raised in the Issues Paper before the Code of Banking Practice is updated. It will be an important opportunity to strengthen links between the industry and community groups. "The message we take from the community is that the key groups understand the importance of a secure banking system, they acknowledge their money is safe in Australian banks, but want banks to take some initiatives to promote fairness, "said Mr Bell. Background to the Review of the Code of Banking Practice Mr Viney was appointed by the ABA in May 2000 to undertake an independent review of the Code. This is the first review of the Code since its publication in November 1993. The self-regulatory Code sets out standards of disclosure and conduct which subscribing banks agree to observe when dealing with their customers. The standards cover matters such as terms and conditions of bank accounts, disclosure of fees and charges, privacy, confidentiality and how to resolve disputes. In undertaking the Review of the Code, Mr Viney was specifically asked to take account of changes in the banking services market and in the needs and behaviours of customers as a whole. Mr Viney has consulted widely with the community and banks and the Issues Paper represents an extensive survey of all views. For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     ENDS