Back to: Code of Banking Practice

 

Originally published in 1993, the Code was revised in 2003 in partnership with key industry and consumer stakeholders to reflect industry conditions and customer demands. Key changes reflected in the revised Code of Banking Practice are:

• Disclosure of additional information to guarantors and customers to ensure that they are more aware of their current financial position.

• Making sure guarantors are aware of their rights to limit their guarantee exposure.

• Disclosure of additional information helping customers to be more aware of their rights and our obligations so that they can make more informed decisions.

• Expanding the Code to include small business customers.

• Information on how we will deal with applications for transfer of mortgages in family law settlements.

• Review of our compliance with the Code by an independent monitoring body.

In 2004, the industry made further refinements to the 2003 Code, to address practical implementation difficulties, which would have adversely impacted customers.

Westpac's adoption of the revised Code of Banking Practice
Westpac adopted the revised Code of Banking Practice, on 1 June 2004, and we are now contractually bound by our new obligations to you under the revised Code.

We do not automatically apply every provision of the Code to certain customers and guarantors dealing with our equipment finance business, for reasons relating to the speed with which they prefer to effect those transactions. Those customers can, however, elect to receive either the full disclosure benefits of the Code or the benefit of best practice, non-Code based disclosure.