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This copy of the Australian Code of Banking Practice is for the use of Naritas Clients & Prospective Clients for informational purposes only. https://www.naritas.com.au

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CONTENTS CODE OF BANKING PRACTICE CONTENTS PART A INTRODUCTION 5 21 Direct debits 21 1 Introduction 6 22 Chargebacks 21 PART B APPLICATION 7 2 Application of this Code 8 23 Information relating to foreign exchange services 21 24 Privacy and con dentiality 21 PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS 9 25 Payment instruments 22 26 Statements of account 22 3 Our key commitments to you 10 27 Provision of credit 23 4 Compliance with laws 10 5 Retention of your rights 10 28 If you are experiencing nancial dif culties with your credit facility 23 6 Review of this Code 10 29 Joint debtors 24 7 Customers with special needs 11 30 Joint accounts and subsidiary cards 24 31 Guarantees 25 32 Debt collection 29 33 Closure of accounts in credit 29 34 Branch closure protocol 29 35 Electronic communications 30 PART F RESOLUTION OF DISPUTES MONITORING AND SANCTIONS 31 36 Monitoring and sanctions 32 37 Internal dispute resolution 33 38 External dispute resolution 34 39 Availability of information about dispute resolution processes 35 40 Family law proceedings 35 PART G TRANSITION 36 41 Transitional provisions 37 PART H DEFINITIONS 39 42 De nitions 40 8 Customers in remote Indigenous communities 11 9 Staff training and competency 12 10 Promotion of this Code 12 11 Availability of copies of this Code 12 PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES 13 12 Terms and conditions 14 13 Copies of documents 15 14 Cost of credit 16 15 Operation of accounts 16 16 Account suitability 17 PART E BANKING SERVICES PRACTICES 18 17 Bank cheques and inter bank transfers 19 18 Pre contractual and new account information 19 19 Account combination 19 20 Changes to terms and conditions 20 4 CODE OF BANKING PRACTICE 2013
CONTENTS CODE OF BANKING PRACTICE  CONTENTS PART A  INTRODUCTION  5  21. Direct debits  21  1. Introduction  6  22. Charge...
PART A INTRODUCTION 5
PART A  INTRODUCTION  5
PART A INTRODUCTION PART A INTRODUCTION 1 Introduction This Code is a voluntary code of conduct which sets standards of good banking practice for us to follow when dealing with persons who are or who may become our individual and small business customers and their guarantors 6 CODE OF BANKING PRACTICE 2013
PART A INTRODUCTION  PART A  INTRODUCTION 1.  Introduction  This Code is a voluntary code of conduct which sets standards ...
PART B APPLICATION 7
PART B  APPLICATION  7
PART B APPLICATION PART B APPLICATION 2 2 1 This version of the Code of Banking Practice commences on the 2013 transition date and we will generally apply this Code to a new banking services we provide to you on or after that date b new Guarantees we take from you on or after that date and c things we do on or after that date in respect of some preexisting banking services and Guarantees 2 2 8 Application of this Code There are some exceptions to these general principles Please see clause 41 for more details of how the Code will apply in relation to your existing and new banking services or Guarantees CODE OF BANKING PRACTICE 2013
PART B APPLICATION  PART B  APPLICATION 2. 2.1.  This version of the Code of Banking Practice commences on the 2013 transi...
PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS 9
PART C  OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS  9
PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS 3 Our key commitments to you 3 1 We will a through the ABA consult with small business and consumer organisations to continuously work towards improving the standards of practice and service in the banking industry see also clause 6 3 b promote better informed decisions about our banking services i e communicate with you and or your representatives in a timely and responsible manner whether by written or electronic communications including by telephone and f monitor external developments relating to banking codes of practice legislative changes and related issues 3 2 We will act fairly and reasonably towards you in a consistent and ethical manner In doing so we will consider your conduct our conduct and the contract between us 3 3 In meeting our key commitments to you we will have regard to our prudential obligations 4 Compliance with laws 4 1 We will comply with all relevant laws relating to banking services 4 2 If this Code imposes an obligation on us in addition to obligations applying under a relevant law we will also comply with this Code except where doing so would lead to a breach of a law for example a privacy law 5 Retention of your rights by providing effective disclosure of information ii by explaining to you when asked the contents of brochures and other written information about banking services and iii if you ask us for advice on banking services A by providing that advice through our staff authorised to give such advice B by referring you to appropriate external sources of advice or C by recommending that you seek advice from someone such as your legal or nancial adviser c provide general information about the rights and obligations that arise out of the banker and customer relationship in relation to banking services d provide information to you in plain language 10 CODE OF BANKING PRACTICE 2013 In addition to your rights under this Code you retain any rights you may have under Federal State and Territory laws 6 Review of this Code 6 1 We will require the ABA to commission an independent review of this Code every 5 years after
PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS  PART C  OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS 3.  Our key commit...
PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS the commencement date of this Code or earlier at our request with the review to be conducted in consultation with a banks which adopt this Code b small business and consumer organisations c other interested industry associations d relevant regulatory bodies and e other interested stakeholders 6 2 We will participate in any such review and co operate with the person conducting it 6 3 We will require the ABA to establish and we will support a forum including consumer small business and banking industry representatives for the exchange of views on a banking issues and b the effectiveness of this Code We will also require the ABA to ensure that these views are taken into account in the next review of this Code 6 4 We will require the ABA to promptly publish on its website a the recommendations and report arising from a review of this Code and to make them available to the public in hard copy on request b reasons why any such recommendation has not been accepted and c progress reports on the implementation of those recommendations which have been accepted until the implementation process is complete 7 Customers with special needs We recognise the needs of older persons and customers with a disability to have access to transaction services so we will take reasonable measures to enhance their access to those services 8 Customers in remote Indigenous communities If you are a member of a remote Indigenous community we will take reasonable steps to a make information about banking services that may be relevant to you available in an accessible manner b at your request provide you with details of accounts which may be suitable to your needs including in a remote location This information may include details of our accounts which attract no or low standard fees and charges c assist you with meeting identi cation requirements having regard to our obligations under the AntiMoney Laundering and CounterTerrorism Financing Act 2006 d appropriately train staff who are regularly dealing with you in a remote location to be culturally aware and e consider publicly announced key Commonwealth State and Territory government programs such as income management programs that may be relevant in providing our banking services to you CODE OF BANKING PRACTICE 2013 11
PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS  the commencement date of this Code, or earlier at our request, with th...
PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS 9 Staff training and competency We will ensure our staff and our authorised representatives will be trained so that they a can competently and ef ciently discharge their functions and provide the banking services they are authorised to provide in compliance with this Code and b have an adequate knowledge of the provisions of this Code and its application to banking services 10 Promotion of this Code We will require the ABA to a promote this Code and b clearly make public i which banks subscribe to this Code and ii how you can get a copy of this Code 11 Availability of copies of this Code We will a display at our branches a copy of this Code in a readily visible manner b make this Code available on request c publish this Code on our website and d send this Code to you by electronic communication or mail on request 12 CODE OF BANKING PRACTICE 2013
PART C OUR KEY COMMITMENTS AND GENERAL OBLIGATIONS  9.  Staff training and competency We will ensure our staff  and our au...
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES 13
PART D  INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES  13
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES 12 Terms and conditions 12 1 We will expeditiously provide to you or any person on request a the terms and conditions of any ongoing banking service we currently offer b full particulars of standard fees and charges that are or may become payable for any banking service we currently offer and c particulars of the interest rates applicable to any banking service we currently offer 12 2 The terms and conditions of our banking services will a be distinguishable from marketing or promotional material b be in English and any other language we consider to be appropriate c be consistent with this Code d be provided at the time of or before the contract for an ongoing banking service is made except where it is impracticable to do so in which case they will be provided as soon as practicable afterwards and e draw attention to the availability of the general descriptive information referred to in clauses 15 1 and 15 2 if it is relevant and where relevant will speci cally mention the availability of information about i 14 account opening procedures CODE OF BANKING PRACTICE 2013 ii our obligations regarding the con dentiality of your information iii complaint handling procedures iv bank cheques v the advisability of you informing us promptly when you are in nancial dif culty and vi the advisability of you reading the terms and conditions applicable to the relevant banking service 12 3 Any written terms and conditions will include a statement to the effect that the relevant provisions of this Code apply to the banking service but need not set out those provisions 12 4 We will include where relevant the following in or with our terms and conditions applying to a banking service a the standard fees and charges that then apply b the method by which interest if any is calculated and the frequency with which it will be credited or debited c the manner in which you will be noti ed of changes to i the terms and conditions ii fees and charges and iii interest rates d if appropriate the fact that more than one interest rate may apply
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES  PART D  INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SER...
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES e any minimum balance requirement or restriction on depositing money in or withdrawing money from an account f for term deposits i we may reasonably ask for a chargeback where such a right exists and ii which refers you to the speci c reporting requirements for disputed transactions in your credit card terms and conditions and that time limitations may not apply in circumstances where the ePayments Code applies and c a warning that the ability to dispute a transaction may be lost if it is not reported within the timeframes we specify or describe how we will pay interest and repay the principal ii how funds may be dealt with at maturity and g h i j k iii details of any fee or charge or change in an interest rate resulting from a withdrawal in advance of maturity in respect of a loan to you which is not regulated by the National Credit Code the repayment details subject to clause 26 the frequency with which statements of account will be provided a statement that information on current interest rates and standard fees and charges is available on request how we will process the cancellation of a direct debit request relevant to a banking service in accordance with clause 21 of this Code and how you or we may alter or stop another payment service 12 5 We will include in or with the terms and conditions for our credit cards and where relevant debit cards a general information on chargeback rights b a prominent statement i that you should report a disputed transaction to us as soon as possible so that 12 6 If you have a credit facility secured over your primary place of residence or your residential investment property with us we will remind you annually of your obligations to insure the property under the terms and conditions of your relevant mortgage Our reminder to you will also include a a general statement to make inquiries with your insurer about your cover and b a reference to ASIC s MoneySmart website www moneysmart gov au for information on property insurance 13 Copies of documents 13 1 If you request a copy of a document you may have rights in respect of that request under the National Consumer Credit Protection Act 2009 or Chapter 7 of the Corporations Act 2001 which are greater than those which apply under this Code We will CODE OF BANKING PRACTICE 2013 15
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES   e  any minimum balance requirement or restriction on depo...
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES comply with the relevant law when it applies Otherwise this clause 13 applies 13 2 At your request we will give you a copy of any of the following documents that we have retained in accordance with relevant legislation for the retention of documents relating to a banking service you have or had with us a a contract including terms and conditions standard fees and charges and interest rates b any mortgage or other security document c a statement of account and d a notice previously given to you relevant to us exercising our rights 13 3 We will subject to clauses 13 4 and 13 5 provide you with a copy of a document a within 14 days if the original came into existence 1 year or less before the request is given b within 30 days if the original came into existence more than 1 year but less than 7 years before the request is given and c otherwise within a reasonable time 13 4 We do not have to give you a copy of a notice which requires you to take action if we receive the request more than 2 years after discharge or termination of the original contract to which the notice is related 13 5 We do not have to give you another copy of a statement of account within 3 months after we 16 CODE OF BANKING PRACTICE 2013 have given you a copy of the same statement of account 13 6 A copy of a document provided to you under this Code may be in electronic form containing the same information as the original or in any other form as mutually agreed 13 7 We may charge you a reasonable fee for providing you with a copy of a document under this Code 14 Cost of credit We will make available to you a prospective customer or an appropriate external agency the interest rates and standard fees and charges applicable to a banking service that is a credit facility offered by us for use in the preparation of a comparison rate 15 Operation of accounts 15 1 We will provide to you or a prospective customer on request general descriptive information concerning our banking services including where appropriate a account opening procedures b our obligations regarding the con dentiality of your information c complaint handling procedures d bank cheques e the advisability of you informing us promptly when you are in nancial dif culty so that we may discuss your situation and f the advisability of you reading the terms and conditions applying to the relevant banking service
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES  comply with the relevant law when it applies. Otherwise th...
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES 15 2 When you open an account with cheque access and on request we will provide you with general descriptive information on a the time generally taken for clearing a cheque and how a cheque may be specially cleared b the effect of crossing a cheque the meaning of not negotiable and account payee only and the signi cance of deleting or bearer when any of these expressions appear on a cheque c how and when a cheque may be stopped d how a cheque may be made out so as to reduce the risk of unauthorised alteration and e the dishonour of cheques including post dated and stale cheques 16 Account suitability 16 1 Clause 16 does not apply if you are a small business 16 2 If you tell us that a you are a low income earner or a disadvantaged person regardless of whether you are an existing or prospective customer or b you would like factual information about accounts which attract no or low standard fees and charges which attract no or low standard fees and charges 16 3 If in the course of speaking with you in relation to your accounts we become aware that you may be the holder of a Commonwealth Seniors Health Card Health Care Card or Pensioner Concession Card regardless of whether you are an existing or prospective customer we will provide you with factual information about our accounts which attract no or low standard fees and charges 16 4 Please note that we will not assess continuously whether you may be a low income earner or a disadvantaged person but we encourage you to let us know at any time if this is the case 16 5 We will make information publicly available about accounts which attract low or no standard fees and charges on our website and through other means 16 6 We will train staff to help them to recognise a customer that may qualify for an account which attracts no or low standard fees and charges 16 7 Information disclosed under this clause 16 will include a terms and conditions of relevant accounts and b fees and charges for relevant accounts we will provide you with factual information about any of our accounts which may be suitable to your needs That information may include details of our accounts CODE OF BANKING PRACTICE 2013 17
PART D INFORMATION WE WILL GIVE YOU ABOUT OUR BANKING SERVICES  15.2. When you open an account with cheque access, and on ...
PART E BANKING SERVICES PRACTICES 18
PART E  BANKING SERVICES PRACTICES  18
PART E BANKING SERVICES PRACTICES PART E BANKING SERVICES PRACTICES 17 Bank cheques and inter bank transfers Where we charge you for the provision of a bank cheque an inter bank transfer or like service we will disclose the fee or charge to you when the service is provided or at any other time on request except where the relevant banking service is regulated by Chapter 7 of the Corporations Act 2001 18 Pre contractual and new account information 18 1 We will disclose to you the existence of any application fee or charge and whether the fee or charge is refundable if your application is rejected or not pursued This will be done before you are liable to pay any such fee or charge 18 2 We will provide to you or a prospective customer on request general descriptive information which may consist of or include material made available by a government about a the identi cation requirements of the Anti Money Laundering and Counter Terrorism Financing Act 2006 and b the options available to you or a prospective customer under tax le number legislation 18 3 When you already have an account with us and we open a new account for you we will state in writing a whether the new account may be combined with the existing account and b what the consequences are if the accounts are combined 19 Account combination 19 1 We will inform you promptly after exercising our right to combine your accounts In exercising a right to combine accounts we will comply with any applicable requirements of the Code of Operation for Department of Human Services and Department of Veterans Affairs Direct Credit Payments 19 2 We will not exercise our right to combine your accounts in connection with amounts you owe in respect of your credit facility with us which is regulated by the National Credit Code a while we are actively considering your nancial situation under clause 28 or under the hardship provisions of the National Credit Code We may ask you as a condition of not exercising our right to combine your accounts that you agree to retain funds in an account until our decision on your application has been made or b while you are complying with an agreed arrangement with us resulting from our considerations referred to in clause 19 2 a CODE OF BANKING PRACTICE 2013 19
PART E BANKING SERVICES PRACTICES  PART E  BANKING SERVICES PRACTICES 17.  Bank cheques and inter-bank transfers Where we ...
PART E BANKING SERVICES PRACTICES 20 Changes to terms and conditions 20 1 When in relation to a banking service we intend to a introduce a fee or charge other than a government charge referred to in clause 20 2 b vary the minimum balance to which an account keeping fee applies c vary the method by which interest is calculated d vary the balance ranges within which interest rates apply to a deposit account or e vary the frequency with which interest is debited or credited we will provide written notice of the introduction or variation to you at least 30 days before the change takes effect except where this notice is not required where you cannot reasonably be located or you have engaged in the transaction or procured the service anonymously 20 2 We will notify you of the introduction or variation of a government charge payable directly or indirectly by you by advertisement in the national media or local media or in writing to you unless the introduction or variation is publicised by a government government agency or representative body 20 3 We will notify you of variations to the terms and conditions other than a variation referred to in clause 20 1 or clause 20 2 in relation to a banking service by advertisement in the national media or local media 20 CODE OF BANKING PRACTICE 2013 or in writing to you no later than the day on which the variation takes effect 20 4 If a you are a small business with a banking service being a credit facility and b we make a variation other than a variation referred to in clause 20 1 or 20 2 to only the terms and conditions of your credit facility and not to the terms and conditions of the credit facilities of other small business customers and we reasonably consider the variation will be materially adverse to you we will give you a reasonable period of notice not less than 10 business days in writing of that variation unless we consider a shorter notice period is necessary for us to avoid or reduce an increase in the credit risk to us 20 5 In both clauses 20 3 and 20 4 for the avoidance of doubt a variation to the terms and conditions includes a variation of standard fees and charges or of an interest rate but does not include changes to an interest rate linked to money market rates or some other external reference rate changes of which we cannot notify you of in advance 20 6 Clauses 20 1 to 20 4 do not apply to a banking service regulated by a the National Credit Code or b Chapter 7 of the Corporations Act 2001 This is because these laws have their own notice requirements
PART E BANKING SERVICES PRACTICES  20.  Changes to terms and conditions  20.1. When, in relation to a banking service, we ...
PART E BANKING SERVICES PRACTICES 21 Direct debits 21 1 We will take and promptly process your a instruction to cancel a direct debit request relevant to a banking service we provide to you and b complaint that a direct debit was unauthorised or otherwise irregular 21 2 We will not direct or suggest that you should rst raise any such request or complaint directly with the debit user but we may suggest that you also contact the debit user 21 3 Clause 21 1 does not apply to a payment service relating to a credit card account see clause 22 22 Chargebacks 22 1 If you have disputed a card transaction with us within the required timeframe we will in relation to a credit card or where relevant a debit card transaction including an unauthorised payment debited to your card account pursuant to a recurring payment arrangement a claim a chargeback right where one exists for the most appropriate reason and b not accept a refusal of a chargeback by a merchant s nancial institution unless it is consistent with the relevant card scheme rules 22 2 We will make available general information about chargebacks on our website or by electronic communication to you and we will notify you of the availability of this information on or with the relevant card statement of account at least once every 12 months 23 Information relating to foreign exchange services 23 1 In providing a foreign exchange service other than by credit or debit card or travellers cheque we will provide to you a details of the exchange rate and commission charges that will apply or if these are not known at the time details of the basis on which the transaction will be completed if they are known to us and b an indication of when money sent overseas on your instructions would normally arrive at the overseas destination 23 2 Prior to advancing a foreign currency loan in Australia we will provide to you in our letter of offer loan terms and conditions which may be in the form of a master agreement or other relevant document a general warning in writing of the risks arising from exchange rate movements and will inform you generally of the availability of mechanisms if they exist for limiting such risks 24 Privacy and con dentiality We acknowledge that in addition to our duties under the Privacy Act 1988 we have a general duty of con dentiality towards you except in the following circumstances CODE OF BANKING PRACTICE 2013 21
PART E BANKING SERVICES PRACTICES  21.  Direct debits  21.1. We will take and promptly process your   a  instruction to ca...
PART E BANKING SERVICES PRACTICES a where disclosure is compelled by law b where there is a duty to the public to disclose c where our interests require disclosure or d where disclosure is made with your express or implied consent 25 Payment instruments 25 1 We will inform you of the advisability of safeguarding payment instruments such as credit and debit cards cheques and passbooks 25 2 We may require you to notify us as soon as possible of the loss theft or misuse of your payment instruments 25 3 We will inform you of a the consequences arising from your failure to comply with any requirement referred to in clause 25 2 that we impose on you and b the means by which you can notify us of the loss theft or misuse of your payment instruments 26 Statements of account 26 1 We will give you a statement of all transactions relating to your deposit account since the last statement at least every 6 months unless a the deposit account is a passbook account or b it has been agreed that i 22 some other method will CODE OF BANKING PRACTICE 2013 be used to record the transactions or ii a statement need not be provided or c no amount has been debited or credited to the account during the statement period other than debits for government charges or duties on receipts or withdrawals or d we are unable after taking reasonable steps to locate you or e the transaction information has already been provided to you 26 2 You may ask for more frequent statements of account on a deposit account 26 3 Even if you are in default we will a if it is practicable for us to do so give you a statement on a loan account or b if it is not practicable for example because automatic statement generation is not available on defaulted accounts we will inform you about the availability of statements and the method for requesting them and provide you with statements on request in a timely manner 26 4 If you are a small business or an individual and the National Credit Code statement of account provisions do not apply to your loan or other credit account we will give you a statement of transactions on your account consistent with the content and timing requirements of the National Credit Code except where the
PART E BANKING SERVICES PRACTICES   a  where disclosure is compelled by law   b  where there is a duty to the public to di...
PART E BANKING SERVICES PRACTICES nature of the banking service is such that it would be impractical to apply the National Credit Code statement of account provisions to the banking service 27 Provision of credit Before we offer give you or increase an existing credit facility we will exercise the care and skill of a diligent and prudent banker in selecting and applying our credit assessment methods and in forming our opinion about your ability to repay the credit facility 28 If you are experiencing nancial dif culties with your credit facility 28 1 This clause 28 applies to a credit facility you have with us 28 2 With your agreement and cooperation we will try to help you overcome your nancial dif culties with any credit facility you have with us We could for example work with you to develop a repayment plan 28 3 We will deal with you or at your request with your authorised nancial counsellor or representative where you have given us their correct contact details If our reasonable attempts to contact or otherwise deal with your nancial counsellor or other representative are unsuccessful we will revert to dealing with you 28 4 If in the course of our personal dealings with you we identify that you may be experiencing dif culties in meeting your repayments under the credit facility we may decide to contact you and invite you to discuss your situation with us and the options available to assist you in meeting your obligations in these circumstances 28 5 If at any time you consider you are or expect to be experiencing dif culties in meeting your repayments to us you should make contact with us as soon as possible to discuss your situation with us and the options available to assist you in meeting your obligations 28 6 We will respond promptly for example within the timeframes prescribed by the National Credit Code if it applies to any requests for assistance from you or your authorised representative in relation to your nancial dif culties with a credit facility you have with us We will take into account the information available to us including the information you provide to us about your nancial situation in determining whether or not we are able to provide assistance and the nature and extent of any assistance 28 7 If when you contact us in any of the circumstances described in clauses 28 5 and 28 6 or when you discuss your situation with us as a result of an invitation described in clause 28 4 we think that the hardship provisions of the National Credit Code could apply to your circumstances we will inform you about them 28 8 We will inform you in writing of our decision whether or not to provide you with any assistance if you are in nancial dif culty with CODE OF BANKING PRACTICE 2013 23
PART E BANKING SERVICES PRACTICES  nature of the banking service is such that it would be impractical to apply the Nationa...
PART E BANKING SERVICES PRACTICES a credit facility you have with us and the reasons for our decision If we agree to provide you with assistance we will con rm in writing the main details of the arrangements 28 9 We will a not require you to apply for early release of your superannuation bene ts to repay the whole or any part of your credit facility with us and b recommend that you seek independent advice on the option of applying for early release of your superannuation bene ts for example from a nancial counsellor or nancial adviser Information on having your superannuation bene ts released early is available from the Department of Human Services www humanservices gov au 28 10 We will make information about our processes for dealing with customers in nancial dif culty with a credit facility available on our website including relevant contact numbers We will inform you at your request about how to nd this information on our website and we will make this information available in another format if you tell us you do not have access to our website 28 11 We will take reasonable steps to ensure that relevant staff who are responsible for dealing with you about your nancial dif culties with a credit facility you have with us are trained in relation to the hardship provisions of this Code and the National Credit Code 24 CODE OF BANKING PRACTICE 2013 29 Joint debtors 29 1 We will not accept you as a codebtor under a credit facility where it is clear on the facts known to us that you will not receive a bene t under the facility 29 2 We will before signing you up as a co debtor take all reasonable steps to ensure that you understand that you may be liable for the full amount of the debt and what your rights are under clause 29 3 29 3 If you are jointly and severally liable under a credit facility we will allow you to terminate your liability in respect of future advances or nancial accommodation on giving us written notice This right only applies where we can terminate any obligation we have to provide further credit to any other debtor under the same credit facility 30 Joint accounts and subsidiary cards 30 1 If you are opening a joint account we will provide you with general descriptive information on a how funds may be withdrawn from the joint account having regard to the instructions given by you b the manner in which such instructions can be varied and c your potential liability for debts incurred on the joint account 30 2 When accepting your instructions to issue a subsidiary credit or debit card we will a provide general descriptive information to you as the primary cardholder on your potential liability for debts
PART E BANKING SERVICES PRACTICES  a credit facility you have with us and the reasons for our decision. If we agree to pro...
PART E BANKING SERVICES PRACTICES incurred by the subsidiary cardholder using the card and b inform you as the primary cardholder of the means by which a subsidiary card may be cancelled or stopped and the fact that this may not be effective until the subsidiary card is surrendered or you have taken all reasonable steps to have the card returned to us 30 3 If you are a primary cardholder you will not be liable for the continuing use of a subsidiary card from the later of a the date you request us as the issuing bank to cancel the subsidiary card and b when you have taken all reasonable steps to have the subsidiary card returned to us 31 Guarantees 31 1 This clause 31 applies to every guarantee and indemnity obtained from you where you are an individual at the time the guarantee and indemnity is taken for the purpose of securing any nancial accommodation or facility provided by us to another individual or a small business called a Guarantee except as provided in clauses 31 15 and 31 16 31 2 We may only accept a Guarantee if your liability a is limited to or is in respect of a speci c amount plus other liabilities such as interest and recovery costs that are described in the Guarantee or b is limited to the value of a speci ed security at the time of recovery 31 3 A Guarantee must include a statement to the effect that the relevant provisions of this Code apply to the Guarantee but need not set out those provisions 31 4 We will do the following things before we take a Guarantee from you a give you a prominent notice that i you should seek independent legal and nancial advice on the effect of the Guarantee ii you can refuse to enter into the Guarantee iii there are nancial risks involved iv you have a right to limit your liability in accordance with this Code and as allowed by law and v you can request information about the transaction or facility to be guaranteed Facility including any facility with us to be re nanced by the Facility b tell you i about any notice of demand made by us on the debtor and any dishonour on any facility the debtor has or has had with us which has occurred within 2 years before we tell you this and ii if there has been an excess or overdrawing of 100 or more on any facility the debtor has or has had with us which has occurred within 6 months before we tell you this and we will give you CODE OF BANKING PRACTICE 2013 25
PART E BANKING SERVICES PRACTICES  incurred by the subsidiary cardholder using the card  and  b  inform you, as the primar...
PART E BANKING SERVICES PRACTICES a list showing the extent of each of those excesses or overdrawings c tell you if any existing facility we have given the debtor will be cancelled or if the Facility will not be provided if the Guarantee is not provided d provide you with a copy of i any related credit contract together with a list of any related security contracts which will include a description of the type of each related security contract and of the property subject to or proposed to be subject to the security contract to the extent to which that property is ascertainable and we will also give you a copy of any related security contract that you request ii the nal letter of offer provided to the debtor by us together with details of any conditions in an earlier version of that letter of offer that were satis ed before the nal letter of offer was issued iii any related credit report from a credit reporting agency iv any current credit related insurance contract in our possession v any nancial accounts or statement of nancial position given to us by the debtor for the purposes of the Facility within 2 years prior to the day we provide you with this information 26 CODE OF BANKING PRACTICE 2013 vi the latest statement of account relating to the Facility and any other statement of account for a period during which a notice of demand was made by us or a dishonour occurred in relation to which we are required to give you information under clause 31 4 b i and vii any unsatis ed notice of demand made by us on the debtor in relation to the Facility where the notice was given within 2 years prior to the day we provide you with this information and e give you other information we have about the Facility including any facility with us to be re nanced by the Facility that you reasonably request but we do not have to give you our own internal opinions 31 5 We will not ask you to sign a Guarantee or accept it unless we have a provided you with the information described in clause 31 4 to the extent that that information is required by this Code to be given to you and b allowed you until the next day to consider that information We do not have to allow you the period referred to in clause 31 5 b if you have obtained independent legal advice after having received the information required by clause 31 4
PART E BANKING SERVICES PRACTICES  a list showing the extent of each of those excesses or overdrawings   c  tell you if an...
PART E BANKING SERVICES PRACTICES 31 6 We will a not give the Guarantee to the debtor or to someone acting on behalf of the debtor to arrange the signing except if they are a legal practitioner or nancial adviser and b ensure that you sign the Guarantee in the absence of the debtor where we attend the signing of the Guarantee 31 7 We will also provide you on request with additional copies of any information described in clause 31 4 d that we have given you and will do so a within 14 days if the original came into existence 1 year or less before the request is given or b within 30 days if the original came into existence more than 1 year before the request is given except we do not need to do so if we have given the requested information within 3 months prior to the request 31 8 We will ensure that a warning notice substantially in the form required by section 55 of the National Credit Code and detailed in Form 8 of the National Consumer Credit Protection Regulations 2010 and which is consistent with this Code appears directly above the place where you sign 31 9 You may by written notice to us limit the amount or nature of the liabilities guaranteed under the Guarantee except that we do not have to accept such a limit if a it is below the debtor s liability under the relevant credit contract at the time plus any interest or fees and charges which may be subsequently incurred in respect of that liability or b we are obliged to make further advances or would be unable to secure the present value of an asset which is security for the loan for example a house under construction 31 10 You may at any time extinguish your liability to us under a Guarantee by paying us the then outstanding liability of the debtor including any future or contingent liability or any lesser amount to which your liability is limited by the terms of the Guarantee or by making other arrangements satisfactory to us for the release of the Guarantee 31 11 You can by written notice to us a withdraw from the Guarantee at any time before the credit is rst provided under the relevant credit contract or b withdraw after credit is rst provided if the credit contract differs in a material respect from the proposed credit contract given to you before the Guarantee was signed c but only to the extent the Guarantee guarantees obligations under the credit contract CODE OF BANKING PRACTICE 2013 27
PART E BANKING SERVICES PRACTICES  31.6. We will   a  not give the Guarantee to the debtor, or to someone acting on behalf...
PART E BANKING SERVICES PRACTICES 31 12 A third party mortgage will be unenforceable in relation to a future credit contract or future Guarantee unless we have a given the mortgagor a copy of the future credit contract document or future Guarantee document and b subsequently obtained the mortgagor s written acceptance of the extension of the third party mortgage 31 13 A Guarantee given by you will be unenforceable in relation to a future credit contract unless we have a given you a copy of the future credit contract document and b subsequently obtained your written acceptance of the extension of the Guarantee However a Guarantee given by you will be enforceable to the extent the future credit contract together with all other existing credit contracts secured by that Guarantee is within a limit previously agreed in writing by you and we have included in the notice we give you under clause 31 4 a a prominent statement that the Guarantee can cover a future credit contract in this way 31 14 We will not under a Guarantee enforce a judgment against you unless a we have obtained judgment against the principal debtor for payment of the guaranteed liability which has been unsatis ed for 30 days after we have made written demand for payment of the judgment debt 28 CODE OF BANKING PRACTICE 2013 b we have made reasonable attempts to locate the debtor without success c the debtor is insolvent d a court tribunal or other body with relevant jurisdiction has relieved us of the obligation to proceed rst against the principal debtor e you have provided a mortgage or other security for your liability under the Guarantee and the principal debtor has not provided a mortgage or other security for the guaranteed liability or f the principal debtor has provided a mortgage or other security for the guaranteed liability and we have enforced that mortgage or other security or reasonably expect that the proceeds of its enforcement will not be suf cient to repay the guaranteed liability but these rules in clause 31 14 do not apply where the principal debtor is a small business 31 15 Where you are a commercial asset financing guarantor sole director guarantor or trustee guarantor clauses 31 4 b to e inclusive 31 5 31 6 and 31 7 do not apply 31 16 If you are a director guarantor clauses 31 4 d and 31 5 apply as follows a we will tell you that i you have the right to receive the documents described in clause 31 4 d and
PART E BANKING SERVICES PRACTICES  31.12. A third party mortgage will be unenforceable in relation to a future credit cont...
PART E BANKING SERVICES PRACTICES b c d e f 32 ii those documents contain important information that may affect your decision to give a Guarantee you may choose not to receive some or all of the documents described in clause 31 4 d we will tell you how you can make these choices we will provide you with a copy of any document described in clause 31 4 d that you have requested you can tell us that you do not wish to have the bene t of the period referred to in clause 31 5 b and apart from telling you the things set out in clauses a and ii 31 16 b and 31 16 c and as required under other provisions of this Code we will not attempt to in uence your choices under clauses 31 16 b and 31 16 e Debt collection 32 1 We and our collection agents will comply with the ACCC s and ASIC s Debt Collection Guideline for Collectors and Creditors the Debt Collection Guideline dated May 2010 as amended or replaced from time to time when collecting amounts due to us and we will take all reasonable steps to ensure that our representatives do likewise If we become aware that our collection agents or representatives are not complying with the Debt Collection Guideline we will direct them to comply 32 2 If we sell a debt to a third party we will choose a third party that agrees to comply with the Debt Collection Guideline referred to in clause 32 32 3 We will not assign your debt except as part of a funding arrangement such as securitisation or the issue of covered bonds while we are a actively considering your nancial situation under clause 28 of this Code or under the hardship variation provisions of the National Credit Code or b while you are complying with an agreed arrangement with us resulting from our considerations referred to in clause 32 3 a 33 Closure of accounts in credit 33 1 Subject to the terms and conditions of any relevant banking service and any related security we a will at your request close an account of yours that is in credit b may close an account of yours that is in credit by giving you reasonable notice and paying you the amount of the credit balance and c may charge you an amount that is our reasonable estimate of the costs of closure 34 Branch closure protocol We will comply with the ABA s protocol on branch closures published by the ABA from time to time This protocol is available from the ABA s website www bankers asn au CODE OF BANKING PRACTICE 2013 29
PART E BANKING SERVICES PRACTICES   b   c   d    e    f   32.  ii. those documents contain important information that may ...
PART E BANKING SERVICES PRACTICES 35 Electronic communications 35 1 If a legislative electronic communications regime also applies to any information which this Code requires us to provide by writing or other means we may provide you with that information by electronic communication in accordance with that regime Otherwise provided it is not prohibited by legislation we may provide this information to you consistently with the requirements for electronic communications speci ed in the ePayments Code regardless of whether that code applies to the communication 30 CODE OF BANKING PRACTICE 2013
PART E BANKING SERVICES PRACTICES  35.  Electronic communications  35.1. If a legislative electronic communications regime...
PART F RESOLUTION OF DISPUTES MONITORING AND SANCTIONS 31
PART F  RESOLUTION OF DISPUTES, MONITORING AND SANCTIONS  31
PART F RESOLUTION OF DISPUTES MONOTORING AND SANCTIONS PART F RESOLUTION OF DISPUTES MONITORING AND SANCTIONS 36 Monitoring and sanctions We agree a that the Code Compliance Monitoring Committee CCMC that has been established under the Code comprises i 1 person with relevant experience at a senior level in retail banking in Australia as our representative to be appointed by the ABA on our behalf ii 1 person with relevant experience and knowledge as your representative to be appointed by the consumer representatives on the Board of Directors of the FOS and iii 1 person with experience in industry commerce public administration or government service as the Independent Chairperson of the CCMC to be appointed jointly by the Chief Ombudsman of the FOS and the ABA on our behalf b that subject to the CCMC Mandate referred to in subclause 36 c the CCMC s functions will be i to investigate and to make a determination on any allegation from any person including the FOS that we have breached this Code but the CCMC will not resolve or make any determination on any other matter ii to monitor our compliance 32 CODE OF BANKING PRACTICE 2013 under this Code which includes conducting its own motion inquiries into our compliance with the Code and iii to monitor any other aspects of this Code that are referred to the CCMC by the ABA The CCMC s compliance monitoring investigation and reporting functions and powers do not extend to clauses 3 and 4 of the Code unless a breach of clause 3 or 4 is also a breach of another provision of the Code For the avoidance of doubt the CCMC s functions only relate to the Code as it has applied since the CCMC was established In particular the CCMC s functions do not extend to investigating monitoring and making determinations in relation to the Code as it applied before this time c to require the ABA in consultation with the CCMC to provide to the CCMC and publish on the ABA s website a mandate CCMC Mandate setting out in further detail the CCMC s Code compliance monitoring investigation and determination processes and other relevant matters This clause 36 is to be read together with the CCMC Mandate as amended from time to time d to ensure that the CCMC has suf cient resources and funding to carry out its functions satisfactorily and ef ciently
PART F RESOLUTION OF DISPUTES, MONOTORING AND SANCTIONS  PART F  RESOLUTION OF DISPUTES, MONITORING AND SANCTIONS 36.  Mon...
PART F RESOLUTION OF DISPUTES MONOTORING AND SANCTIONS e to include in the CCMC Mandate an indemnity by us to release and indemnify the CCMC its of cers and employees CCMC s personnel in respect of their Code compliance monitoring activities f to annually lodge with the CCMC in a form acceptable to the CCMC an annual compliance statement on our compliance with this Code g to co operate and comply with all reasonable requests of the CCMC in pursuance of its functions h to require the CCMC to arrange a regular independent review of its activities and to ensure a report of that review is lodged with ASIC This review is to coincide with the periodic reviews of this Code see clause 6 unless the ABA determines otherwise i to empower the CCMC to carry out its functions and to set operating procedures dealing with the following matters rst having regard to the operating procedures of the FOS and then consulting with the FOS and the ABA i receipt of complaints ii privacy requirements iii civil and criminal implications iv timeframes for acknowledging receipt of a complaint its progress responses from the parties to the complaint and for recording the outcome v use of external expertise and vi fair recommendations undertakings and reporting j to empower the CCMC to name us on the CCMC s website in the next CCMC annual report or both in connection with a breach of this Code where it can be shown that we have i been guilty of serious or systemic non compliance ii ignored the CCMC s request to remedy a breach or failed to do so within a reasonable time iii breached an undertaking given to the CCMC or iv not taken steps to prevent a breach reoccurring after having been warned that we might be named 37 Internal dispute resolution 37 1 We will have an internal process for handling disputes with you which is free and accessible 37 2 If you are a an individual and not a small business or b a small business to which any relevant internal complaints handling standard or guideline which ASIC publishes for application to Australian nancial services and credit licensees Approved Standard applies our internal process will meet the standards set out in the Approved Standard for example as at the date of the publication of this Code Regulatory Guide 165 CODE OF BANKING PRACTICE 2013 33
PART F RESOLUTION OF DISPUTES, MONOTORING AND SANCTIONS   e  to include in the CCMC Mandate an indemnity by us to release ...
PART F RESOLUTION OF DISPUTES MONOTORING AND SANCTIONS 37 3 If clause 37 2 does not apply to you then clauses 37 3 a to 37 3 g apply to you a We will notify you of the name and contact number of the person who is investigating your dispute b Within 21 days of becoming aware of a dispute we will that a dispute may be lodged with the scheme f Our dispute resolution process is available for all complaints other than those that are resolved to your satisfaction at the time they are drawn to our attention g We will provide you with the above information in writing unless it has been mutually agreed that it can be given verbally i complete the investigation and inform you of the outcome of the investigation or ii inform you of our need for more time to complete our investigation c Unless there are exceptional circumstances we will complete our investigation within 45 days of receipt of the dispute d If we are unable to resolve a dispute within 45 days we will i inform you of the reasons for the delay ii provide you with monthly updates on progress with the dispute and iii specify a date when a decision can reasonably be expected unless we are waiting for a response from you which we have told you we require e If the rules of an external dispute resolution scheme of which we are a member provide that a matter may be referred to it if a decision is not made within a speci ed time period then we will inform you no more than 5 business days after the expiry of that time period 34 CODE OF BANKING PRACTICE 2013 38 External dispute resolution 38 1 We will have available for you an external process for resolving disputes This process will be a free of charge and b consistent with any external dispute resolution standard or guide that ASIC publishes for application to Australian nancial services and credit licensees for example as at the date of the publication of this Code Regulatory Guide 139 where this applies to you and c available to you in accordance with its terms of reference
PART F RESOLUTION OF DISPUTES, MONOTORING AND SANCTIONS  37.3. If clause 37.2 does not apply to you, then, clauses 37.3 a ...
PART F RESOLUTION OF DISPUTES MONOTORING AND SANCTIONS 39 Availability of information about dispute resolution processes 39 1 We will prominently publicise the availability and accessibility of both our internal and external processes for resolving disputes through our points of contact with you where we control that point of contact including a branches b internet sites and c telephone based banking services 39 2 We will also provide you with information about a our internal process for dealing with a dispute at the time the dispute arises and b the external process at the same time as you are told about the nal outcome of the internal process if your complaint is not wholly satis ed 40 Family law proceedings Guidelines setting out the manner in which we will a deal with applications for transfers of mortgage and consents to transfer of title pursuant to a Family Court determination or approval and b otherwise enforce debts affected by a family law property settlement are available on our website CODE OF BANKING PRACTICE 2013 35
PART F RESOLUTION OF DISPUTES, MONOTORING AND SANCTIONS  39.  Availability of information about dispute resolution process...
PART G TRANSITION 36
PART G  TRANSITION  36
PART G TRANSITION PART G TRANSITION 41 Transitional provisions 41 1 On and after the 2013 transition date we will be bound by this Code in respect of a any banking service that we commence to provide to you and b any Guarantee as described in clause 31 we obtain from you on or after that date 41 2 On and after the 2013 transition date we will be bound by this Code in respect of any ongoing banking service we were providing to you at the 2013 transition date and continue to provide afterwards except for a clauses 12 2 to 12 5 of this Code by which we shall only be bound when we provide you with a revised and updated version of the terms and conditions For the avoidance of doubt this means that terms and conditions applying to existing banking services do not need to be re issued because of the commencement of this Code subject to clause 41 5 b clause 23 Information relating to foreign exchange services c in respect of banking services which we commenced to provide to you before the 2003 transition date clauses 26 2 and 26 4 Statements of Account and clause 31 12 Third Party Mortgages d in relation to a commercial asset nancing facility where the banking service is provided before June 2004 and we were not disclosed as the provider of that banking service and e as otherwise provided for below and the equivalent provisions of the 2003 Code and if relevant the Code of Banking Practice November 1993 shall cease to apply to such banking services from that date 41 3 On and after the 2013 transition date we will be bound by this Code in respect of Guarantees as follows a in respect of any Guarantee we obtain from you on or after the 2013 transition date we will be bound by all applicable provisions of this Code b in respect of any Guarantee taken on or after the 2003 transition date and subject to the 2003 Code we will be bound by all applicable provisions of this Code relating to Guarantees and the equivalent provisions of the 2003 Code shall cease to apply to such Guarantees c for the avoidance of doubt in respect of any Guarantee in relation to a commercial asset financing facility where the banking service or Guarantee is provided or taken before 1 June 2004 and we are not disclosed as the provider of that banking service or as the person taking the Guarantee we will not be bound by this Code and CODE OF BANKING PRACTICE 2013 37
PART G TRANSITION  PART G  TRANSITION 41.  Transitional provisions  41.1. On and after the 2013 transition date we will be...
PART G TRANSITION d we will be bound by clauses 31 9 31 11 a and 31 13 of this Code in respect of any Guarantee i subject to the Code of Banking Practice November 1993 and taken prior to the 2003 transition date and ii if we had not adopted the 2003 Code by 1 January 2005 any guarantee taken on or after the 2003 transition date which would have been subject to the 2003 Code had we been subject to the 2003 Code except that the reference to the notice we give you under clause 31 4 a in clause 31 13 shall be deemed not to have been made in respect of any such guarantee 41 4 For the avoidance of doubt if a a thing was done or not done in respect of a banking service or a Guarantee prior to the 2013 transition date and b doing or not doing that thing did not breach a provision of the Code of Banking Practice as it applied to the banking service or Guarantee at the time the thing was done if any for example because the obligation did not exist or the equivalent obligation was performed as it applied at the time i having done or not done that thing does not result in a breach of this Code on or after the 2013 transition date and ii we are not obliged to do the thing or do it again on 38 CODE OF BANKING PRACTICE 2013 or after the 2013 transition date even if this Code would on or after the 2013 transition date require the thing to have been done or not done or done differently in otherwise similar circumstances or before doing something else Example If we entered into a Guarantee in 2005 the relevant behaviour in entering into that Guarantee will be assessed by reference to the Code as it applied at that time If we commenced to provide a banking service in 2001 the terms and conditions provided at that time and any assessment made in relation to that service shall be assessed by reference to the rules applying in the Code as it applied at that time 41 5 If you have a credit card account with us on the 2013 transition date we will give you a statement containing the information described in clause 12 5 no later than 12 months after the 2013 transition date unless already provided 41 6 Except as expressly stated in this clause the application of the Code of Banking Practice November 1993 and the 2003 Code are not altered by the provisions in this clause 41 41 7 To the extent of any inconsistency this Code is to be read subject to the ePayments Code
PART G TRANSITION   d  we will be bound by clauses 31.9, 31.11 a  and 31.13 of this Code in respect of any Guarantee  i.  ...
PART H DEFINITIONS 39
PART H  DEFINITIONS  39
PART H DEFINITIONS PART H DEFINITIONS 42 De nitions In this Code any words in bold like this have the following meanings 2003 Code means the Code of Banking Practice August 2003 as it has applied to us from time to time since the day on which we publicly announced that we had adopted it 2003 transition date means i the date from which we publicly announced that we had adopted the Code of Banking Practice August 2003 or ii if a does not apply 1 January 2004 2013 transition date means a the day on which the ABA has published on its website our subscription to this Code which will be no later than 1 February 2014 or b if we are not a signatory to this Code as at 1 February 2014 then commencement date means the date from which we have publicly announced we have adopted this Code ABA means the Australian Bankers Association ACCC means the Australian Competition and Consumer Commission Approved Standard has the meaning given in clause 37 2 b ASIC means the Australian Securities and Investments Commission Australia includes the coastal sea of each jurisdiction but does not include an external territory 40 CODE OF BANKING PRACTICE 2013 bank means a corporation authorised by law to carry on the general business of banking in Australia and that is authorised under the Banking Act 1959 to use the word bank or a similar expression in its name banking service means any nancial service or product provided by us in Australia to you a including any nancial service or product provided by us whether supplied directly or through an intermediary and b in the case of a nancial service or product provided by another party and distributed by us extends only to our distribution or supply of the service or product to you and not to the service or product itself business day means a day that is not a Saturday a Sunday or a public holiday in Australia CCMC has the meaning given in clause 36 a Code of Banking Practice means the Code of Banking Practice as it has applied to us from time to time since the commencement date and including where relevant the Code of Banking Practice November 1993 2003 Code including as amended in 2004 and this Code Code and this Code means this Code of Banking Practice as published by the ABA at the 2013 transition date and for the avoidance of doubt includes any subsequent amendments from time to time which have been published by the ABA and publicly adopted by us
PART H DEFINITIONS  PART H  DEFINITIONS 42.  De   nitions  In this Code any words in bold like this have the following mea...
PART H DEFINITIONS commencement date means the date that we rst subscribed to the Code of Banking Practice However see the de nition of 2013 transition date commercial asset financing facility means a lease rental hire purchase bill of sale chattel mortgage facility or a related insurance premium funding facility provided to a company commercial asset financing guarantor means a guarantor where the Guarantee is to be taken for a Facility that is a commercial asset financing facility and a the guarantor is a director shareholder or manager of the company and i the guarantor has not given security to support the Guarantee or ii where the guarantor has previously given security the guarantor has been noti ed in writing that the previous security may extend to liabilities under the Guarantee and b apart from guarantees and any security referred to in a ii given by directors shareholders or managers of the company only the asset nanced secures the commercial asset financing facility credit related insurance contract means a contract for insurance of any of the following kinds in connection with a credit contract a insurance over mortgaged property b consumer credit insurance c insurance that is a credit related insurance contract for the purposes of section 142 1 c of the National Credit Code debt collection guidelines has the meaning given in clause 32 1 direct debit means an amount debited to a speci ed account of a customer with the customer s nancial institution as requested and authorised in writing by that customer to and in favour of a debit user or to a third party in its capacity as agent for that named debit user which is processed through the Bulk Electronic Clearing System direct debit request means an authority and request to debit amounts to a speci ed account of a customer with the customer s nancial institution given in writing by that customer to and in favour of a debit user or their agent director guarantor means a guarantor of a Facility who is a director of a company which is to be the debtor for the Facility other than a sole director guarantor or a commercial asset financing guarantor dispute means a complaint by you in relation to a banking service that has not been immediately resolved when you bring the complaint to our attention electronic communication means a a communication of information in the form of data text or images by means of guided or unguided electromagnetic energy or both or b a communication of information in the form of sound by means of guided or unguided electromagnetic energy or both where the sound is processed at its destination by an automated voice recognition system debit user means a person who by agreement with the customer issues debit payment instructions through their nancial institution for distribution to the relevant customer s nancial institution CODE OF BANKING PRACTICE 2013 41
PART H DEFINITIONS  commencement date means the date that we    rst subscribed to the Code of Banking Practice. However, s...
PART H DEFINITIONS ePayments Code means the industry code named the e Payments Code issued by ASIC and available at www asic gov au and includes while it continues to apply to us and remains in force its predecessor the Electronic Funds Transfer Code of Conduct Facility has the meaning given in clause 31 4 FOS means Financial Ombudsman Service Ltd ABN 67 131 124 448 Guarantee means a guarantee described in clause 31 1 sole director guarantor means a guarantor of a Facility who is a director of a company that has only one director and that company is to be the debtor for the Facility standard fees and charges means fees and charges normally charged by us in respect of a banking service terms and conditions means those terms and conditions speci cally applied by us to a banking service but does not include any other terms and conditions that may apply by operation of law manager means a person who is actively involved in the day to day running of a business and who makes or participates in making decisions that affect the whole or a substantial part of the business or who has the capacity to affect signi cantly the business s nancial standing third party mortgage means a mortgage or charge given for the purpose of securing National Credit Code means the National Credit Code set out in Schedule 1 of the National Consumer Credit Protection Act 2009 other than such a security which contains a personal undertaking by the mortgagor to pay the secured money security includes without limitation a security interest within the meaning of the Personal Property Securities Act 2009 small business means a business having a less than 100 full time or equivalent people if the business is or includes the manufacture of goods or b in any other case less than 20 full time or equivalent people unless the banking service is provided for use in connection with a business that does not meet the elements of a or b above 42 CODE OF BANKING PRACTICE 2013 a any nancial accommodation provided by us to an individual or a small business or b a Guarantee trustee guarantor means a guarantor of a Facility where a the guarantor and the debtor are the same person and b that person is acting as trustee of a trust in one of these roles and is acting in their personal capacity in the other role URL means a Universal Resource Locator we us and our means the bank that you deal with that has adopted this Code
PART H DEFINITIONS  ePayments Code means the industry code named the e-Payments Code issued by ASIC and available at www.a...
PART H DEFINITIONS you and your means a person who at the time the banking service is provided is an individual or a small business that is our customer or where this Code speci cally applies to prospective customers a prospective customer and includes in clauses 31 35 and 2 any individual from whom we have obtained or propose to obtain a Guarantee However where this Code applies in relation to a banking service which is a nancial product or a nancial service for the purposes of Chapter 7 of the Corporations Act 2001 then you means a person who as a retail client as described in Chapter 7 of the Corporations Act 2001 enquires about or is or may be provided with that banking service Therefore this Code does not apply to a person who is a wholesale client in respect of such products and services A reference in this Code to any law or binding code or standard includes a reference to any such law or binding code or standard as amended from time to time CODE OF BANKING PRACTICE 2013 43
PART H DEFINITIONS  you and your means a person who, at the time the banking service is provided, is an individual or a sm...
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CONTENTS CODE COMMITTEE COMPLIANCE MONITORING MANDATE CONTENTS Section A Preliminary Matters 48 4 1 48 4 1 Meetings and proceedings of CCMC 52 4 2 Quorum 52 4 3 Voting 52 4 4 Con icts of interest 52 4 5 Alternate representative 53 1 7 Memorandum of Understanding 49 Section B CCMC s compliance monitoring process 54 1 8 Funding 49 5 2 50 5 1 Methods 54 2 1 Composition of the CCMC 50 5 2 Annual Compliance Statement 54 2 2 Tenure 50 2 3 Re appointment 50 2 4 Resignation 50 Section C CCMC s compliance investigation process 55 2 5 Termination 50 2 6 Casual vacancies 50 2 7 Automatic vacancies 50 3 51 Introduction 1 1 Scope of this document 48 1 2 Functions of the CCMC 48 1 3 Principles that underpin the CCMC s operation 48 1 4 CCMC Operating Procedures 49 1 5 Supplementary procedures 49 52 49 1 6 Annual business plan Meeting of CCMC Members CCMC Members Organisational structure 3 1 Staf ng and administrative support 51 3 2 Independent Chairperson 51 3 3 Delegation of CCMC powers 6 Institution of a compliance investigation 55 6 1 Commencement of a compliance investigation 55 6 2 Matters outside the scope of CCMC s investigative powers 55 6 3 CCMC s discretion in relation to compliance investigations 57 51 46 Compliance monitoring process 54 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013
CONTENTS CODE COMMITTEE COMPLIANCE MONITORING MANDATE  CONTENTS Section A  Preliminary Matters  48  4.  1.  48  4.1. Meeti...
CONTENTS CODE COMMITTEE COMPLIANCE MONITORING MANDATE 7 Compliance investigations approach 7 1 Approach 57 7 2 Provision of information by Code Subscribers 57 7 3 Other obligations required of Code Subscribers 58 7 4 Other information 59 7 5 Consequences of non compliance with a CCMC request 59 8 Other matters 59 8 1 Rules of evidence 59 11 Public naming of a Code Subscriber 62 11 1 Grounds for public naming of a Code Subscriber 62 12 Collection of information by the CCMC 62 12 1 Data collection 62 12 2 Publication of data 63 Section E Interpretation 64 13 Interpretation 64 13 1 De ned terms 64 13 2 General 65 66 59 8 2 External consultation 62 Section F General 57 Section D Sanctioning Code Subscribers 9 Process for concluding compliance investigations without a Determination 60 9 1 Process 60 10 Process for concluding compliance investigations by way of Determination 60 14 Con dentiality and other matters 66 10 1 Reasonable opportunity to be heard 60 14 1 CCMC s con dentiality obligations 66 10 2 Criteria for Determination 60 14 2 Immunity from liability 66 10 3 Notice of Determination 60 14 3 Review 67 10 4 Determination 61 14 4 Amendment of the Mandate 67 PRELIMINARY CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 47
CONTENTS CODE COMMITTEE COMPLIANCE MONITORING MANDATE  7.  Compliance investigations approach  7.1. Approach  57  7.2. Pro...
SECTION A PRELIMINARY MATTERS 1 Introduction 1 1 Scope of this document b to monitor Code Subscribers compliance with the Code which includes conducting its own motion inquiries into one or more Code Subscribers compliance with the Code and c to monitor any other aspects of the Code that are referred to the CCMC by the ABA This mandate is made in pursuance of the Code of Banking Practice the Code Together with the Code this mandate sets out the terms to which the Code Subscribers have agreed that govern the functions and operations of the Code Compliance Monitoring Committee CCMC contemplated in the Code For the avoidance of doubt the CCMC s functions only relate to the Code as it has applied since the CCMC was established In particular the CCMC s functions do not extend to investigating monitoring and making Determinations in relation to the Code as it applied before this time This mandate must be published on the website of the Australian Bankers Association the ABA 1 2 Functions of the CCMC The CCMC is established in pursuance of clause 36 of the Code and in accordance with the terms of this mandate a to investigate and make a Determination on any allegation from any person that a Code Subscriber has breached the Code however the CCMC will not investigate or make any Determination on any other matter 48 1 3 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 Principles that underpin the CCMC s operation a The CCMC must act reasonably in carrying out its responsibilities to as relevant monitor investigate determine and report on compliance by Code Subscribers with the Code b When monitoring investigating determining and reporting on compliance with the Code the CCMC must
SECTION A  PRELIMINARY MATTERS  1.  Introduction  1.1.  Scope of this document   b  to monitor Code Subscribers    complia...
SECTION A PRELIMINARY MATTERS i act with independence and do what in the CCMC s opinion is appropriate having regard to the nature of its functions and activities 1 5 As is deemed appropriate by the CCMC the operating procedures may be supplemented with more detailed procedures of a less material nature Where the CCMC reasonably expects it is necessary to do so the CCMC will advise Code Subscribers of these supplementary procedures prior to their taking effect ii be fair iii proceed ef ciently and with the minimum necessary formality and technicality and iv be as transparent as possible whilst also acting in accordance with its con dentiality and privacy obligations 1 4 CCMC Operating Procedures a The CCMC must set operating procedures in accordance with clause 36 i of the Code and this mandate rst having regard to the operating procedures of the FOS and then by consulting with the FOS and the ABA The CCMC will advise Code Subscribers of these operating procedures prior to their taking effect or if any are already in effect at the time this mandate rst comes into effect and the CCMC has not already advised Code Subscribers of them as soon as practicable after that time b Any proposed changes to those operating procedures which in the opinion of the CCMC are material will be developed by rst having regard to the operating procedures of the FOS and then by consulting with the FOS and the ABA The CCMC will advise Code Subscribers of such changes prior to their taking effect Supplementary procedures 1 6 Annual business plan The CCMC must develop an annual business plan and provide a copy of the annual business plan to the Chief Ombudsman of the FOS and to the ABA prior to the commencement of the relevant Financial Year for which the plan has been developed 1 7 Memorandum of Understanding The CCMC may enter into a Memorandum of Understanding with the FOS for the purpose of facilitating a referrals to the CCMC of an allegation that a Code Subscriber has breached the Code and b information exchanges between the FOS and the CCMC relevant to the CCMC s functions as described in clause 1 2 1 8 Funding The CCMC will be funded and resourced by Code Subscribers in accordance with clause 36 d of the Code CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 49
SECTION A PRELIMINARY MATTERS  i.  act with independence and do what in the CCMC   s opinion is appropriate having regard ...
SECTION A PRELIMINARY MATTERS 2 CCMC Members 2 1 Composition of the CCMC The Code speci es that the CCMC shall be comprised of 3 members each a CCMC Member a 1 person as representative of Code Subscribers with relevant experience at a senior level in retail banking in Australia to be appointed by the Code Subscribers b 1 person as representative of individual and small business customers as de ned in the Code with relevant experience and knowledge to be appointed by the consumer representatives on the Board of Directors of the FOS and c 1 person to be the Independent Chairperson of the CCMC with experience in industry commerce public administration or government service to be appointed jointly by the Chief Ombudsman of the FOS and by the ABA on behalf of the Code Subscribers 2 2 2 5 2 6 2 7 Re appointment Resignation A CCMC Member may resign from the of ce during their term by notifying the relevant appointor s 50 Casual vacancies A person may be appointed by the relevant appointor s under clause 2 1 to ll a casual vacancy in the of ce of a CCMC Member other than the position of the Independent Chairperson A person appointed under this clause a must ful l the experience requirements of the relevant paragraph of clause 2 1 as if the appointment were an ordinary appointment for that role under clause 2 1 and b shall hold of ce until the casual vacancy ceases or the period during which their predecessor CCMC Member would have held of ce expires whichever occurs rst A person who was or is currently a CCMC Member is eligible for re appointment to the CCMC 2 4 Termination The appointment of a CCMC Member may be terminated in writing by the relevant appointor s of that CCMC Member see clause 2 1 in writing with at least 7 days notice Tenure Subject to clause 2 5 a CCMC Member including the Independent Chairperson holds of ce for a 3 year term 2 3 of that CCMC Member see clause 2 1 in writing with at least 7 days notice CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 Automatic vacancies The of ce of a CCMC Member including the Independent Chairperson will be automatically vacated if the person a becomes bankrupt or makes any arrangement or composition with creditors b becomes prohibited by law from being a director c becomes of unsound mind
SECTION A PRELIMINARY MATTERS  2.  CCMC Members  2.1.  Composition of the CCMC The Code speci   es that the CCMC shall be ...
SECTION A PRELIMINARY MATTERS time to time delegate to the Independent Chairperson b The Independent Chairperson may take action in accordance with a resolution of the CCMC including but not limited to d resigns from the of ce during their term or e has their appointment terminated by their relevant appointors 3 Organisational structure 3 1 Staf ng and administrative support a The CCMC may create the position of a Chief Executive Of cer CEO and may appoint a person with relevant skills experience and knowledge to that position b The CEO will if appointed be under the supervision and direction of the CCMC c The CCMC will be supported by staff led by the CEO or if a CEO is not appointed the Independent Chairperson who shall carry out administration and management within the funding and resource constraints in the annual budget of the CCMC of ce and staff d The CCMC may proceed on the basis that the FOS will provide administrative and staf ng services to the CCMC The provision of those services may be reviewed by the FOS in consultation with the ABA and the CCMC 3 2 i Independent Chairperson a The Independent Chairperson shall do all such things as are reasonable for the CCMC to perform its functions and activities and shall exercise such powers or perform such duties as the CCMC may from engaging and dismissing staff ii entering into varying and terminating leases iii operating bank accounts iv negotiating and entering into contracts with the FOS including without limitation contracts for staff equipment and facilities v negotiating and entering into such other contracts or commitments as are necessary or desirable for the CCMC to enter having regard to the nature of its functions and activities and vi signing or otherwise executing all such documents or instruments as may be required for any of the foregoing 3 3 Delegation of CCMC powers a The CCMC will exercise the power to make Determinations and may not delegate this power b The CCMC may delegate any of its other powers to the CEO either generally or in speci c cases and either with or without conditions or restrictions For example the CCMC may delegate to the CEO the power i to undertake a compliance investigation whether as CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 51
SECTION A PRELIMINARY MATTERS  time to time delegate to the Independent Chairperson.  b  The Independent Chairperson may t...
SECTION A PRELIMINARY MATTERS a result of an allegation by any person that a Code Subscriber has breached the Code a referral by the ABA or the CCMC s compliance monitoring process and 4 4 ii to request a Code Subscriber or any person making an allegation that a Code Subscriber has breached the Code to provide information to or to procure information for the CCMC 4 Meeting of CCMC Members 4 1 Meetings and proceedings of CCMC The CCMC will meet discharge its responsibilities and convene adjourn and otherwise regulate its meetings and proceedings in such manner as it may from time to time determine 4 2 Quorum A quorum for a meeting of the CCMC shall be the 3 persons comprising the CCMC at the time of the meeting 4 3 Voting At a meeting of the CCMC a each CCMC Member has one vote and b decisions are made on the basis of a simple majority of votes i subject to clause 4 3 b ii on a show of hands or ii where a meeting is conducted by teleconference on the voices of each CCMC Member 52 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 Con icts of interest If a CCMC Member has a material personal interest in relation to a matter that is being considered at a meeting of the CCMC in relation to the institution conduct or conclusion of any compliance investigation and any Determination the CCMC Member must not a be present while the matter is being considered at the meeting or b vote on the matter unless i the CCMC Member has declared the material personal interest in relation to the matter that is being considered by the CCMC to the other CCMC Members ii the other CCMC Members are satis ed the material personal interest should not disqualify the CCMC Member from voting on the matter iii a proper minute is made including details of the material personal interest and the circumstances in which it was disclosed to the other CCMC members and iv any minute Determination or other report on the matter are made available for inspection on request by any Code Subscriber affected
SECTION A PRELIMINARY MATTERS  a result of an allegation by any person that a Code Subscriber has breached the Code, a ref...
SECTION A PRELIMINARY MATTERS For the avoidance of doubt a material personal interest for the purposes of this clause does not arise solely by reason of a CCMC Member s current or previous employment with a Code Subscriber or by reason of the nancial institution of which a CCMC Member is a customer 4 5 Alternate representative a Each of the CCMC Members other than the Independent Chairperson may nominate an alternate person for a speci ed meeting provided that the CCMC Member has asked the person whom the relevant CCMC Member proposes to nominate as an alternate if that person has any material personal interest in relation to a matter that is being considered at the relevant meeting of the CCMC and the person has declared to have had no such interest b A person nominated as an alternate may exercise all the powers of the CCMC Member by whom the person is nominated to be an alternate other than the power to nominate an alternate and is subject to all the requirements applying to the of ce of their nominator at the meeting which they attend at which their nominator is not present CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 53
SECTION A PRELIMINARY MATTERS  For the avoidance of doubt, a material personal interest for the purposes of this clause do...
SECTION B CCMC S COMPLIANCE MONITORING PROCESS 5 Compliance monitoring process 5 1 Methods The CCMC may for the purpose of monitoring compliance with the Code a issue one or more Code Subscribers with a questionnaire to gather information about practices and procedures and undertake onsite testing procedures to verify that information b request a Code Subscriber or the person that has made a relevant allegation to provide information to or to procure information for the CCMC c conduct market research to assess compliance with the Code by one or more Code Subscribers including through mystery shopping activities d conduct own motion inquiries for the purpose of monitoring one or more Code Subscribers compliance with the Code such as by conducting by prior arrangement with the Code Subscriber a compliance 54 visit at the premises of a Code Subscriber including interviewing representatives of the Code Subscriber and e request each Code Subscriber to lodge an Annual Compliance Statement ACS with the CCMC 5 2 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 Annual Compliance Statement a Each Code Subscriber must lodge an ACS with the CCMC reporting on the Code Subscriber s compliance with the Code during the previous 12 months or if the Code Subscriber has adopted the Code during that 12 month period the Code Subscriber must report how it plans to achieve compliance with the Code during the next 12 month period b The ACS must be in the form that has been approved by the CCMC from time to time for use by all Code Subscribers
SECTION B  CCMC   S COMPLIANCE MONITORING PROCESS  5.  Compliance monitoring process  5.1.  Methods The CCMC may for the p...
SECTION C CCMC S COMPLIANCE INVESTIGATION PROCESS 6 Institution of a compliance investigation 6 1 Commencement of a compliance investigation A CCMC compliance investigation may commence in any of the following ways a in response to an allegation by any person including a referral by FOS that a Code Subscriber has breached the Code see clause 1 2 a or b as an outcome of the CCMC s monitoring process if the CCMC has reason to suspect that a Code Subscriber may have breached the Code see clause 1 2 b c in response to a referral from the ABA see clause 1 2 c 6 2 Matters outside the scope of CCMC s investigative powers a The CCMC must not commence a compliance investigation in the following circumstances i to the extent that the allegation relates to a Code Subscriber s commercial judgment in decisions about lending or security However the CCMC may consider an allegation that a Code Subscriber has breached the Code arising from maladministration by the Code Subscriber in arriving at a commercial judgment Maladministration refers to an act or omission contrary to or not in accordance with a duty owed at law or pursuant to the terms expressed or implied of the contract between the Code Subscriber and its customer ii if the CCMC is or becomes aware that the allegation is being or will be heard by another forum whether as a standalone matter or as part of any process or proceeding and the forum may make a nal Determination as to whether a breach of the Code has occurred In such a case the CCMC must not consider the relevant allegation until the relevant forum has determined or declined CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 55
SECTION C  CCMC   S COMPLIANCE INVESTIGATION PROCESS  6.  Institution of a compliance investigation  6.1.  Commencement of...
SECTION C CCMC S COMPLIANCE INVESTIGATION PROCESS to determine for whatever reason whether a breach of the Code has occurred If the forum determines whether a breach of the Code has or has not occurred the CCMC must adopt the forum s nding iii if the CCMC is or becomes aware that the allegation has been heard whether as a standalone matter or as part of any process or proceeding by another forum and the forum has determined whether a breach of the Code has or has not occurred In such a case the CCMC must adopt the nding of the relevant forum as to whether a breach of the Code has or has not occurred iv if the allegation to the CCMC is based on the same events and facts as a previous allegation to the CCMC by the person making the new allegation unless there is new information v if the events to which the allegation relates occurred before the Code Subscriber to which the allegation relates became a Code Subscriber or in relation to an entity which was not a Code Subscriber at the time of the events to which the allegation relates and was subsequently acquired by a Code Subscriber vi if the person making the allegation was aware of 56 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 the events to which the allegation relates or would have become aware of them if they had used reasonable diligence more than 1 year before the person making the allegation rst noti ed the CCMC in writing unless the person making the allegation had lodged within that 1 year period a dispute with FOS about those events and FOS considered there may have been a breach of the Code vii If the investigation is an outcome of the CCMC s monitoring process more than 1 year after the CCMC had reason to suspect that the Code Subscriber may have breached the Code The CCMC may request in relation to a particular allegation or outcome of the CCMC s monitoring process referred to in clauses 6 2 a vi or vii above that a Code Subscriber extend the relevant time limit The Code Subscriber retains the discretion whether to agree to such a request for an extension of the limit b Whilst a CCMC compliance investigation may be commenced as a result of an allegation by any person and may comprise determining whether a Code Subscriber has breached the Code the CCMC s role does not include determining what redress should be provided to a person affected by non compliance with the Code A Code Subscriber has internal complaints handling
SECTION C CCMC   S COMPLIANCE INVESTIGATION PROCESS  to determine  for whatever reason , whether a breach of the Code has ...
SECTION C CCMC S COMPLIANCE INVESTIGATION PROCESS arrangements to consider redress and its membership of an external dispute resolution scheme provides an avenue for redress if a Determination concludes that there has been a breach of the Code 6 3 CCMC s discretion in relation to compliance investigations a Further to clause 6 2 the CCMC may decide at any stage prior to the making of a Determination that it is not appropriate to investigate or to continue to investigate a matter commenced under clause 6 1 In making this decision the CCMC may take into account anything it considers reasonable and appropriate including i or 6 3 a iv apply the CCMC must not continue to investigate the allegation 7 Compliance investigations approach 7 1 Approach a When conducting a compliance investigation the CCMC must take into account the relevant provisions of the Code and any applicable laws If in the course of conducting a compliance investigation the CCMC decides whether to make a Determination clause 10 2 provides for what the CCMC must have regard to b The CCMC will ensure as far as practicable that monitoring and investigations do not the nature of the allegations made against the relevant Code Subscriber including the signi cance of the issues raised ii the period of time that has elapsed since the alleged event occurred iii whether a court or other forum would be a more appropriate forum to consider the matter iv whether the matter is frivolous or vexatious and v previous work undertaken by the CCMC to monitor or review practices and procedures of the Code Subscriber that are relevant to the allegations made b If in the course of conducting a compliance investigation the CCMC considers that 6 3 a iii i disrupt Code Subscribers business unduly nor ii inconvenience Code Subscribers customers unduly 7 2 Provision of information by Code Subscribers a The CCMC may make reasonable requests for a Code Subscriber to provide or provide access to information documents or systems which are in the possession or power of the Code Subscriber that the CCMC considers necessary in order to discharge its functions b The CCMC may require the Code Subscriber to comply with the CCMC s request within 21 business days or such longer timeframe where the Code CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 57
SECTION C CCMC   S COMPLIANCE INVESTIGATION PROCESS  arrangements to consider redress and its membership of an external di...
SECTION C CCMC S COMPLIANCE INVESTIGATION PROCESS be commercially sensitive the CCMC may agree with the Code Subscriber to receive it or have access to it on a conditional basis including on terms that preserve con dentiality Subscriber satis es the CCMC that additional time is needed except where the Code Subscriber satis es the CCMC that i to comply with the request would breach a law including without limitation any law relating to con dentiality or privacy and that where a third party s consent to the Code Subscriber complying with the request would avoid a breach of that law the Code Subscriber has taken reasonable steps to obtain the appropriate consent and such consent was not provided 7 3 ii to comply with the request would breach a duty of con dentiality to a third party and the Code Subscriber has taken reasonable steps to obtain consent to the Code Subscriber complying with the request and such consent was not provided iii to comply with the request would breach a Court order or prejudice a current investigation by the police or other law enforcement agency iv legal professional privilege attaches to the relevant information documents or systems or v the information documents or systems do not exist or no longer exist c Where the information document or system is claimed by the Code Subscriber to 58 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 Other obligations required of Code Subscribers a The CCMC may require a Code Subscriber to do anything else that the CCMC reasonably considers may assist a compliance investigation into the Code Subscriber s compliance with the Code undertaken by the CCMC This may include requiring i the Code Subscriber to provide an appropriate representative to attend an interview or ii the Code Subscriber to investigate and report back to the CCMC on relevant matters including where appropriate with the assistance of external expertise b Where the CCMC makes a request of a Code Subscriber the CCMC may require its request to be complied with within 21 business days or such longer timeframe where the Code Subscriber satis es the CCMC that additional time is needed c In concluding a compliance investigation or making a Determination the CCMC will take into account any undertaking by the Code Subscriber as to action it will take or has taken in relation to the matter
SECTION C CCMC   S COMPLIANCE INVESTIGATION PROCESS  be commercially sensitive, the CCMC may agree with the Code Subscribe...
SECTION C CCMC S COMPLIANCE INVESTIGATION PROCESS 7 4 Other information Where a compliance investigation is instituted as a result of an allegation by any person pursuant to clause 6 1 a the CCMC may request the person making the allegation to provide or procure information that the CCMC reasonably considers may assist the CCMC s investigation of the matter 7 5 Consequences of non compliance with a CCMC request Where a Code Subscriber or any person alleging a Code Subscriber has breached the Code without reasonable excuse fails to comply with a CCMC request within the timeframe speci ed by the CCMC the CCMC may take steps it considers reasonable in the circumstances to conclude the compliance investigation including proceeding with a Determination of the matter 8 Other matters 8 1 Rules of evidence The CCMC is not bound by any legal rule of evidence or by its previous Determinations 8 2 external expert unless disclosure is material to the matter and each relevant party in each case has consented to the disclosure ii any such external expert maintains con dentiality of the information provided to it including any information claimed to be commercially sensitive and that the external expert acts in accordance with the CCMC s privacy obligations and other duties of con dentiality on the basis that it is deemed to be bound in each case and iii any such external expert otherwise complies with these requirements so far as reasonably relevant b The reasonable steps to be taken by the CCMC under clause 8 2 a extend to ensuring those requirements are also observed by the external expert s employees and contractors External consultation a In discharging its functions the CCMC may consult with independent external experts as the CCMC thinks reasonably appropriate and necessary provided that the CCMC takes reasonable steps to ensure that i the identities of any parties involved in an alleged breach of the Code are not disclosed to any relevant CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 59
SECTION C CCMC   S COMPLIANCE INVESTIGATION PROCESS  7.4.  Other information Where a compliance investigation is institute...
SECTION C CCMC S COMPLIANCE INVESTIGATION PROCESS 9 Process for concluding compliance investigations without a Determination 9 1 Process Subject to clause 6 the process for concluding a compliance investigation without a Determination is as follows a The CCMC must give the Code Subscriber a reasonable opportunity to respond to an allegation that the Code Subscriber has breached the Code b If the CCMC considers that i 10 Process for concluding compliance investigations by way of Determination 10 1 Reasonable opportunity to be heard The CCMC must give the Code Subscriber a reasonable opportunity to respond to an allegation that the Code Subscriber has breached the Code 10 2 Criteria for Determination When deciding whether to make a Determination the CCMC will do what is reasonable in all the circumstances having regard to a legal principles relevant to the decision making process b applicable Code provisions and c any CCMC guidance as to Code requirements there is no basis to determine a breach of the Code has occurred or ii the Code Subscriber has acknowledged that it has or may have breached the Code and the Code Subscriber has taken or proposes to take appropriate action to remedy any breach or potential breach or to prevent a reoccurrence then the CCMC may decide to conclude the matter without further investigation or proceeding to a formal Determination c Where the CCMC concludes a compliance investigation without a Determination the CCMC will inform the Code Subscriber of the outcome and where a compliance investigation was commenced in response to an allegation that a Code Subscriber has breached the Code the person who 60 made the allegation will also be informed of the outcome 10 3 Notice of Determination CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 The CCMC may conclude a compliance investigation by way of a Determination only after adhering to the following process a before the Determination is made the CCMC must give at least 21 business days written notice to the relevant Code Subscriber and if applicable the person that has made a relevant allegation about the CCMC s intention to make a Determination The notice must include i a brief description of what Determination and ndings the CCMC intends to make and its reasons
SECTION C CCMC   S COMPLIANCE INVESTIGATION PROCESS  9.  Process for concluding compliance investigations without a Determ...
SECTION C CCMC S COMPLIANCE INVESTIGATION PROCESS ii if applicable a brief description of any nding the CCMC intends to make that the Code Subscriber is responsible for serious or systemic non compliance with the Code where the CCMC reasonably suspects that this is the case iii in the case of a compliance investigation commenced in response to an allegation a statement about any conclusions the CCMC has formed regarding the merits of the allegation b the CCMC must then seek nal comments on the matter from the Code Subscriber and in the case of a compliance investigation commenced in response to an allegation by any person that the Code Subscriber has breached the Code from the person making the allegation and c the CCMC must give a reasonable opportunity for the relevant parties to make nal comments 10 4 Determination a After the CCMC has given the relevant parties a reasonable time within which to make nal comments the CCMC may make a Determination if it continues to consider that this is appropriate b Each Determination must i be in writing ii include a brief description of the issues iii set out the CCMC s ndings and views In the case of a compliance investigation instituted in response to an allegation the Determination will include the CCMC s views as to whether the alleged breach was established in whole or in part or whether the allegation was unfounded iv if applicable include any minutes or other reports made relating to a material personal interest of a CCMC Member v if applicable state any nding by the CCMC that the Code Subscriber is responsible for serious or systemic non compliance with the Code and vi include brief reasons for the conclusions and ndings of the CCMC including if applicable the conclusions and ndings that support the CCMC s intention to name the Code Subscriber see clause 11 1 in its next Annual Report or on the CCMC website or both c After the Determination is made the CCMC must inform the Code Subscriber of the Determination and in the case of a compliance investigation commenced in response to an allegation by any person that a Code Subscriber has breached the Code the CCMC must inform the person making the allegation of the Determination CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 61
SECTION C CCMC   S COMPLIANCE INVESTIGATION PROCESS  ii. if applicable, a brief description of any    nding the CCMC inten...
SECTION D SANCTIONING CODE SUBSCRIBERS 11 Public naming of a Code Subscriber 11 1 Grounds for public naming of a Code Subscriber The CCMC may name a Code Subscriber in accordance with clause 36 j of the Code in its next Annual Report or on the CCMC website or both 12 Collection of information by the CCMC 12 1 Data collection The CCMC must for each period for which it must prepare an Annual Report see clause 12 2 collect and record information in relation to its operations for inclusion in all cases de identi ed except as contemplated in clause 11 1 in the Annual Report for the period including a information about the CCMC s monitoring activity and the results of that activity b the ACS from each of the Code Subscribers on their compliance with the Code 62 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 c information about referrals from the ABA to the CCMC and the results of those referrals d the number of compliance investigations it has commenced the source of information for those investigations and the status of those investigations including i where a compliance investigation is open the age and status of the investigation and ii where a compliance investigation has been concluded whether or not a Determination was made e the time taken to conclude compliance investigations f details of allegations which were determined to be outside the CCMC s responsibilities and why g the demographics of persons alleging that a Code Subscriber has breached the Code where practicable
SECTION D  SANCTIONING CODE SUBSCRIBERS  11.  Public naming of a Code Subscriber  11.1. Grounds for public naming of a Cod...
SECTION D SANCTIONING CODE SUBSCRIBERS SECTION D h the level of compliance with the Code which the CCMC has ascertained as a result of its monitoring activity and compliance investigations and i a pro le of current and completed compliance investigations that identi es where relevant or necessary i the relevant provisions of the Code b Each Annual Report must be a fair and adequate summary and analysis of the information speci ed in clause 12 1 the nancial affairs of the CCMC and any other matters the CCMC thinks appropriate that are consistent with the functions of the CCMC under the Code and this mandate ii the type of products or services involved iii any underlying cause of the non compliance with the Code iv any compliance measures implemented by relevant Code Subscribers and v any systemic breaches or other trends The CCMC may in its discretion also collect for inclusion in its Annual Report information about bene ts and disadvantages to customers resulting from Code Subscribers compliance with the Code 12 2 Publication of data a The CCMC must publish an Annual Report within 6 months of the end of each Financial Year and i provide a copy of the Annual Report to each Code Subscriber the ABA and to the FOS and ii make copies of the Annual Report available to the public on its website and on request CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 63
SECTION D SANCTIONING CODE SUBSCRIBERS  SECTION D  h  the level of compliance with the Code which the CCMC has ascertained...
SECTION E INTERPRETATION 13 Interpretation 13 1 De ned terms The following words have the following meanings where they appear in this mandate ABA means the Australian Bankers Association ACS means Annual Compliance Statement See clause 5 2 Annual Report means the report speci ed in clause 12 2 ASIC means the Australian Securities and Investments Commission CCMC means the Code Compliance Monitoring Committee established pursuant to clause 36 of the Code and in accordance with this mandate CCMC Member means a member of the CCMC See clause 2 1 CCMC Personnel means the of cers including the CEO and employees of the CCMC See clause 14 2 Code Subscriber means a bank that has adopted the Code Determination means a decision in accordance with clause 10 as to whether there has been a breach of the Code by a Code Subscriber and if so whether the Code Subscriber should be named in accordance with clause 11 Financial Year means the 12 months ending 30 June in any calendar year Forum means any court tribunal arbitrator mediator independent conciliation body dispute resolution body complaint resolution scheme including for the avoidance of doubt the FOS or statutory Ombudsman in any jurisdiction FOS means Financial Ombudsman Service Limited ACN 131 124 448 or its successor entity Independent Chairperson means the Chair of the CCMC speci ed in clause 2 1 c CEO means the person appointed to the role in clause 3 1 Code means the Code of Banking Practice 64 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013
SECTION E  INTERPRETATION  13.  Interpretation  13.1. De   ned terms The following words have the following meanings where...
SECTION E INTERPRETATION SECTION E 13 2 General a A reference to the singular includes the plural and vice versa b The words including such as or for example when introducing an example does not limit the meaning of the words to which the example relates that example or examples of a similar kind c A reference to an employee of the CCMC shall be construed as including a reference to a person who is contracted as an employee of the FOS to act solely for the CCMC as if that person were an employee of the CCMC and includes each CCMC Member d Where a term is used in this document that is not de ned in clause 13 1 the term is to be interpreted as having if applicable the same meaning as in the Code and otherwise its everyday meaning and usage unless the context otherwise requires e References to clauses are to clauses of this document unless stated otherwise f A reference to a statute ordinance Code or other law includes regulations and other instruments under it and consolidations amendments re enactments or replacements of any of them g Headings are inserted for convenience only and do not affect the interpretation of this document h A reference to a clause or provision of the Code includes the clause or provision of the Code and any amendment to restatement of or substitution for that clause or provision in the Code and in any succeeding version or revision of the Code resulting from any review of the Code as in effect in relation to the relevant Code Subscriber from time to time i This mandate will apply to all new CCMC compliance monitoring or compliance investigations commenced after the date this mandate comes into effect which is the published date agreed to between the CCMC and the ABA on behalf of Code Subscribers CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 65
SECTION E INTERPRETATION  SECTION E 13.2. General a  A reference to the singular includes the plural and vice versa.  b  T...
SECTION F GENERAL 14 Con dentiality and other matters 14 1 CCMC s con dentiality obligations a All information provided by or on behalf of a party including a Code Subscriber to the CCMC including for the avoidance of doubt to any employee consultant independent contractor or agent of the CCMC acting in that capacity and designated as con dential and all information provided by or on behalf of the CCMC to a Code Subscriber being in either case information that is not in the public domain otherwise than by breach of this clause shall be deemed con dential b The CCMC must return or with the consent of the relevant party permanently delete any item containing con dential information as soon as practicable after an investigation is resolved withdrawn or concluded If an allegation is sent to another forum then the CCMC must unless the CCMC is compelled by law to 66 provide the information obtain the consent of the relevant party before forwarding any information to the new forum c The CCMC and the Code Subscriber as recipients of any such information shall take reasonable steps to ensure that the con dentiality of such information is maintained including taking reasonable steps to ensure that their employees consultants independent contractors or agents abide by the same obligation This does not however restrict the CCMC from using or disclosing information i to the extent reasonably necessary to carry out the CCMC s responsibilities including under this mandate or for any incidental purpose or ii as required or permitted by law 14 2 Immunity from liability a The Code Subscribers agree to release and indemnify to the extent the assets of the CCMC CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013
SECTION F  GENERAL  14.  Con   dentiality and other matters  14.1. CCMC   s con   dentiality obligations  a  All informati...
SECTION F GENERAL SECTION F are inadequate the CCMC and its of cers and employees CCMC Personnel and to hold them harmless against all losses damages costs including without limitation legal costs actions claims demands and liabilities incurred or suffered by the CCMC or CCMC Personnel arising out the CCMC s performance of its functions and activities in accordance with this mandate other than with respect to any wilful or reckless acts omissions or gross negligence on the part of the CCMC or CCMC Personnel b The CCMC must effect and maintain at all relevant times the following insurance which must in all circumstances fully cover any claim made at any time in respect of an event occurring i 14 3 Review The CCMC will arrange a periodic review of its activities coinciding with the periodic review of the Code by the ABA in consultation with Code Subscribers and will provide a copy of each review report to the Code Subscribers the ABA the FOS and ASIC 14 4 Amendment of the Mandate The ABA after consultation with the CCMC may amend the Mandate including but not limited to the need to take account of external developments changes affecting or made to the Code the CCMC s relationship with the FOS and other matters related to the operations of the CCMC The Code Subscribers agree to be bound by any such amendment professional indemnity insurance and ii insurance against any liability which may arise under the general law including without limitation any relevant workers or accident compensation legislation with respect to any of CCMC Personnel c Each CCMC Personnel shall be indemni ed out of the assets of the CCMC and to the extent that they are inadequate by each Code Subscriber against all liabilities arising out of their responsibilities as CCMC Personnel CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013 67
SECTION F GENERAL  SECTION F are inadequate , the CCMC and its of   cers and employees  CCMC Personnel  and to hold them h...
SECTION C OUR COMMITMENTS AND GENERAL OBLIGATIONS NOTES 68 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013
SECTION C OUR COMMITMENTS AND GENERAL OBLIGATIONS  NOTES  68  CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013
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CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013  69
NOTES 70 CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013
NOTES  70  CODE COMPLIANCE MONITORING COMMITTEE MANDATE 2013
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AUSTRALIAN BANKERS ASSOCIATION INC Level 3 56 Pitt Street Sydney NSW 2000 p 61 0 2 8298 0417 f 61 0 2 8298 0402 www bankers asn au
AUSTRALIAN BANKERS    ASSOCIATION INC Level 3 56 Pitt Street, Sydney NSW 2000 p.  61  0 2 8298 0417 f.  61  0 2 8298 0402 ...