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Third progress report on Process to
Update the Code of Banking Practice
Sydney, 27 August 2010: The Australian Bankers’ Association (ABA) is working on producing an updated Code of Banking Practice following a review of the current Code.
The ABA has committed to provide progress reports - the first was published in January 2010 , the second in June 2010 and this is the third.
Third Progress Report
In November 2009, the ABA engaged Mr Phil Khoury of The Navigator Company Pty Ltd to assist with the process to implement a key recommendation from the Review of the Code of Banking Practice involving the future governance and other arrangements for the Code Compliance Monitoring Committee.
The Navigator Company’s Phil Khoury has developed two consultation papers:
- an Issues Paper
- Draft Mandate for the Code Compliance Monitoring Committee (CCMC) to be established as a separate independent unit within the Financial Ombudsman Service (FOS).
This is the second stage of consultation on proposals for the CCMC.
Interested parties are invited to provide comments on the two consultation documents by 10 September, 2010.
Via mail:
Phil Khoury
The Navigator Company
GPO Box 5225
Melbourne VIC 3001
Via e-mail:
phil.khoury@thenavigator.com.au
Following this phase of consultations, Mr Khoury will make his final recommendations to the ABA which will be published on this website. As indicated in the second progress report a marked up exposure draft of a number of the provisions of the Code is close to release for consultation with key stakeholders.
For further information:
Heather Wellard
Director, Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
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