Back to: Code of Banking Practice

On the 1 June 2004 Westpac adopted the revised 2004 Code of Banking Practice.

The Code of Banking Practice is a voluntary code of conduct for member banks of the Australian Bankers' Association. It sets standards of good banking practice for banks to follow when dealing with individual and small business customers, prospective customers and guarantors.

Westpac Banking Corporation has been committed to providing our customers with the benefits of the Code of Banking Practice since it was first developed in 1993. In 2003, after a comprehensive review process, the Code was substantially strengthened with further modifications being made in 2004 to fine tune practices. Westpac has adopted the current version of the Code (2004) to ensure that our customers can be assured that we uphold best practice consumer protection standards.

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.

The Code of Banking Practice publicly sets out key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for the provision of banking services.

Our commitment to you under the Code of Banking Practice

Key commitments we make to you under the Code include:

• Continuously work towards improving the standards of practice and service in the banking industry

• Promote better informed decisions about our banking services

• Provide general information about the rights and obligations that arise out of the banker and customer relationship in relation to banking services

• Provide information in plain language, and

• Monitor external developments relating to banking codes of practice, legislative changes and related issues