Code Review Update – November 14, 2016

Over October and early November, I have been continuing detailed consultations with stakeholders and analysis of the issues arising from the Code Review.  Consultations have included with consumer representatives, government officials, individual banks, banking industry representatives, individual bank customers and ombudsman staff.

I still have some way to go with consultations, including further discussions with individual bank customers (see Having a Say below), politicians, regulators and community organisations.

With some 124 individual recommendations received for change (see the complete Issues Register), analysis of the issues is taking some time, however we are now building up a better picture of the key issues.  To make the work manageable, I have divided the issues register into 12 key areas – including 1 for the issues related specifically to the Code Compliance Monitoring Committee.  See section under the link Issues for a summary of the matters under consideration in each area.

Interested stakeholders are welcome to continue to offer input to these issues, however I am not seeking any further formal submissions to the Review.  A brief email targeting specific issues would be the most assistance at this stage.

At this stage, the Review timeline is very tight, and we have a number of quite complex issues to work through – but I am continuing to press ahead to meet the promised deadline of December 31.

Having a say on the Review of the Code of Banking Practice

As Independent Reviewer, I have had the benefit of written submissions from a number of individual bank customers and conversations with some of them – which have been most useful.  I would like to extend this and I am particularly interested to hear from customers who have ideas about how the level of trust between banks and their customers could be improved.  Please note that I am unable to re-open or re-consider an individual matter or complaint, however I can take your experience into account in forming my views.

If you would be interested in participating in a telephone group discussion of around an hour and a half, and would be available at 10:30am on Friday 2nd of December – please register your interest by emailing to banking.code.review@cameronralph.com.au .

Please quote ‘teleconference’ in the subject line of your email and include your contact details (name and location, telephone number and/or preferred email address).  As places are limited, please include a few words about what you would like to contribute to the discussion.  Your details and any comments you make will be kept confidential to me as the Independent Reviewer and my staff.

Phil Khoury
Independent Reviewer
banking.code.review@cameronralph.com.au