Find out how you can obtain a copy of the revised Code.
What is the Code of Banking Practice?
The Code is a voluntary code of conduct for member banks of the Australian Bankers' Association (ABA). Westpac is a member of the ABA. The Code sets standards of good banking practice for us to follow when dealing with people who are or may become our individual and small business customers, and their guarantors. It includes our commitment to customers and general obligations, what must be disclosed to customers, principles of conduct and dispute resolution processes. Westpac has complied with the Code and its revisions since its inception in 1993. This means we are contractually bound to meet our obligations to you under the Code.
Why does the Code of Banking Practice exist?
Generally speaking, the Code exists to help our customers make confident and informed decisions about our financial products and services or to enter into an agreement which involves our financial products and services - such as agreeing to be a guarantor. Changes to the Code provide better protection for our customers and potential customers. The Code sets standards of good banking practice for us to follow when dealing with people who are or may become our individual and small business customers, and their guarantors. It provides guidelines on topics such as our commitment to customers and general obligations, what must be disclosed to customers, principles of conduct and dispute resolution processes.
How does it affect me as a customer? Does it cost me anything?
As a customer, you can be confident that the information we provide you and the processes used will allow you to make informed and timely decisions about our financial products and services. That's our obligation and commitment to the Code of Banking Practice, which we provide at no extra cost to you.
Who is covered by the Code of Banking Practice?
Any individual or small business that is an actual or prospective customer involved in retail banking transactions is covered by the Code. 'Small Business' as defined in the Code covers any business that has less than 20 (full time or equivalent) people or, if a goods manufacturing business, that has less than 100 (full time or equivalent) people.
When and why were changes made to the Code?
The Code was established in 1993 but it was revised in 2003 and again in May 2004 to reflect current industry conditions, customer demands and technological changes. Changes to the Code include and provide better protection for our customers and potential customers.
When did Westpac implement the changes?
Westpac implemented the changes and was fully compliant on 1 June 2004.
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.
What do the changes to the Code of Banking Practice mean for us as customers?
Generally speaking, changes to the Code of Banking Practice means small businesses are covered. That is, a business that employs less than 20 full time or equivalent staff or employs less than 100 full time or equivalent staff if the business is or includes manufacturing of goods. Joint debtors are also covered and each must receive a direct benefit of a loan.
For guarantors, provisions in the Code mean they will receive information telling them about the risks they may be taking. Overall, changes to the Code include and provide better protection for our customers and potential customers.
The Code seems to be an added inconvenience for me as a borrower or to act as a guarantor. How can I avoid this?
We understand that changes to the Code may appear at times to be an inconvenience to you because some transactions may take longer and require more information to complete. However, they were introduced to reflect current industry conditions, customer demands and technological changes. More importantly, the Code exists to help you make confident and informed decisions about our financial products and services or to enter into an agreement which involves our financial products and services - such as agreeing to be a guarantor. Overall, changes to the Code include and provide better protection for our customers and potential customers.
How do we know if Westpac complies with the Code?
The Code is a contractual commitment to you. As a member bank of the Australian Bankers' Association, we are obliged to comply with the requirements of the Code. An independent monitoring body has been set up called the Code Compliance Monitoring Committee that will review and report on all banks' compliance with their Code obligations. If you believe that we have not met any of our obligations under the Code you can lodge a complaint with us. If you are not happy with our response to your complaints you can contact the Banking and Financial Services Ombudsman on 1300 780 808.
Where can I get more information about the Code and the changes?
You can get a copy of the Code of Banking Practice from any of our branches or from our website. You can also get a copy of the Code from the Australian Bankers' Association website or by calling 1800 009 180.
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