Issue Code reference Other references

Issue Code reference Other references A. Code purpose/ audience/ promotion 1 2 How can Code help to build consumer trust and confidence in banks?...
Author: Mildred Bridges
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Issue

Code reference

Other references

A. Code purpose/ audience/ promotion 1

2

How can Code help to build consumer trust and confidence in banks? Stakeholder views include that the Code should deliver consistent services

FOS ToR cl 9.3: payment for inconvenience

to customers and enable customers to know their rights, it should provide customers with an entitlement to a small payment where a bank breaches Code requirements, it should include an obligation to have a Code

UK Lending Code, 2011: 267.

Compliance Officer. Should the Code do more to entrench the Code as part of the banks'

41

contract with the customer and the Code provisions prevail even over express terms that (in breach of the Code) are counter to the Code eg require contracts to include an express term as to the status of Code 3

provisions? Who is the principal audience for the Code ie should it be drafted so as to best serve the needs of a customer audience or should it primarily constitute a set of requirements for the banks and their staff?

4

Should the Code obligations on banks to promote the Code be

10

enhanced/ updated to be channel agnostic eg prominent display of Code on bank's home page of website (rather than requirement to have hard copy available at branches), a commitment on banks or ABA to raise community awareness including through a significant advertising campaign, provision of Code to new customers? B. Code structure

5

Should the Code be divided into a retail Code and a small business Code eg small business provisions in a separate annexure, ?

Canada’s Model Code of Conduct for Bank Relations with Small and Medium-sized Businesses Ireland’s Code of conduct for business lending to Small and Medium Enterprises

6

Should the Code include a preamble eg a plain English statement of banks' commitment to customers or that encourages or recommends the Banking Finance Oath?

Canada’s Model Code of Conduct for Bank Relations with Small and Medium-sized businesses

7

Should the Code seek ASIC approval under RG183?

RG183

C. Code scope

8

Should the definition of banking services be clarified/ narrowed to change 42 the scope of banks' liability eg to make them more responsible for service providers who are not agents?

9

Should the Code specify the consequences of non-compliance with obligations in a tiered way eg small payment to customer affected by a breach of certain provisions/ a breach of the provisions re guarantees causes the guarantee to be unenforceable?

D. Code language

10

Could Code be written in a way that enhances clarity and accessibility eg by including, using plainer English in places, shortening some clauses, making it clearer where the Code duplicates legislative obligations, refine Part C to focus more on commitments, articulate the values of banks,

Flesch–Kincaid readability test: readers would have to have 13.4 years of education

develop an accompanying explanatory document? 11

Should each section of the Code include on the cover page a short summary of the key issues eg “Part E Banking Services and Practice”; it could then list “Bank Cheques, Account Combinations, Changes to Terms and Conditions, Chargebacks”?

12

What changes should be made to the obligation in clause 4 to comply with relevant laws eg moved to Part D or E as interpretative clause and

4

extended to make it clear that the law prevails if the Code imposes an obligation that is inconsistent with the law? E. Key commitments

13

Should the Code better entrench or explain the commitment to act fairly and reasonably towards the customer in a consistent and ethical manner eg begin the key commitments section of Code with this statement (with other commitments following by way of example) or this commitment be rephrased or expanded to include a statement that customer's interest will always come first/ commitment to act in the best interests of customers ?

3.2

UK Lending Code

14

Should the commitment to customers with special needs be expanded to 7 incorporate a broader set of customers ie taking into account a range of factors and circumstances including work status, age, gender, disability, geographic distance, language, victims of domestic violence, victims of natural disasters and indigenous status?

15

Should the CCMC be able to monitor compliance with clauses 3 and 4 of

36(b)

Code? F. Financial inclusion/ accessibility

16

Should the Code incorporate more specific requirements as to financial inclusion built around following 4 factors with measures that are

Good Shepherd Microfinance Financial Inclusion Action Plan program

functional: • products and services (meet customer needs, affordable, accessible); • capability, attitudes and behaviours to customers; • culture, awareness and understanding of customers; • economic participation and status factors? 17

Should the Code commit banks to establishing a bank account of last resort regime ie so that anyone can have a bank account?

18

Should banks be obliged to develop financial inclusion programs for vulnerable and low income customers eg low or no interest loans and to promote these to customers?

19

Should the Code include an obligation on banks to recognise the

16.2 and 16.3

accessibility issues for remote, rural and regional customers and to be understanding and flexible in their approach to these customers? 20

Should banks be required to provide an online service in an alternative way that does not require internet access?

21

Should the Code require banks to develop appropriate policies and procedures regarding the recognition of right of people with disability to operate their finances including with support?

Australian Law Reform Commission Report on Equality, Capacity and Disability in Commonwealth Laws

22

Should the banks' industry standards to address anti-discrimination laws be incorporated in Code eg at a principle level?

ABA Standards for Accessible Banking

G. Provision of credit

23

Should the Code include higher standards in relation to responsible 27 lending eg loans will not be unsuitable, the bank will only lend what the bank believes on the information available to it the customer can reasonably afford to pay (different criteria for bridging loans and reverse mortgages), strict compliance with ASIC RG209 for NCCP credit, detailed information to be obtained about the financial situation of the borrower?

Mutuals Code para 6.3

24

Should the Code include standards specific to the provision of credit cards eg: · assess all applications on the basis of full payment within 3 years; · restrictions on unsolicited credit card limit increases;

Senate C'ee "Interest Rates and Informed Choice in the Australian Credit Card Market" Rec 2, 3, 5, 6, 7, 8, 10

· minimum monthly repayment calculation - and where min payment only paid an obligation to initiate discussion about product suitability; · credit card monthly statements to include prominent reminders about a credit card’s headline interest rate and ongoing annual fee; · system that informs consumers about their own credit card usage and associated costs; · restrictions on incentives to transfer card balances - and where balance transfer period expires without payment an obligation on the bank to contact the customer and to discuss the suitability of the credit card for the customer's purpose; · if bank fails to make sufficient inquiries as to whether a credit card facility is fit for purpose and it is not - then the interest rate to apply is that under the facility that would have been appropriate; · easy credit card cancellation mechanisms eg online click and close process . notify customers in writing when a card has been cancelled by the bank, including the reasons for cancellation and dispute resolution details; . in either circumstance, provide customers with a list of currently active direct debits when an account has been cancelled and instructions on how to cancel them?

25

Should the Code include restrictions on credit limit increases eg the bank will not send an unsolicited offer to increase the credit limit where:

Mutuals Code para 7.1

• the customer has a recent poor repayment history; or • the bank is aware of circumstances that make it imprudent for the FSP to extend further credit; and any unsolicited offer to increase the credit limit will include information on: • the new minimum payment required • options for lowering existing or new credit limits • not accepting the offer if the customer cannot afford the credit, is having difficulties making payments, or their financial circumstances are likely to deteriorate and • how to tell the bank that they do not wish to receive offers to increase the credit limit in the future? 26

Should the Code include obligations in relation to reverse mortgages eg the bank will:

NCCP Act Part 3-2D Mutuals Code para 8.2

• comply with the NCCP Act requirements regardless of the purpose for which the loan proceeds are used; • strongly encourage the borrower to seek financial advice from an independent qualified financial adviser and to consider seeking independent legal advice; and • ensure the reverse mortgage loan limits their repayment obligations to the market value of the property, except where permitted by the NCCP Act, and allows the borrower to discharge the loan at any time? 27

Should the Code aim to improve communication between banks and customers who use brokers to source a loan by requiring the bank as part of the loan approval process to inform the customer that: • the broker is the customer’s representative • the customer should carefully check that all information provided by the broker is accurate and • if there are particular issues that are important to the customer, they should be communicated directly to the FSP.

28

Should the Code include additional protection for co-debtors eg: 29.1 · require banks to make due inquiries into who will receive the benefit of a loan: · where a loan is being used to purchase a vehicle, should the bank require that the vehicle be placed into the names of both debtors; · require a bank not to accept a person as a co-debtor unless it can be demonstrated the person will receive a substantial benefit/ direct and immediate benefit rather than an indirect benefit under the facility?

29

Could the Code provide for the splitting or apportioning of debts where there is a family breakdown and no agreement between the parties or apportionment does not prejudice the bank's ability to pursue repayment? Should the Code require banks:

30

ABA's Financial Abuse Industry Guideline (draft)

• only to pass on to the consumer the actual cost of the LMI to the bank; • to pass on any rebate they receive on LMI to the customer who has paid the premium in the event of a refinance; and • to provide clear information to customers about how and when a rebate may be claimed? 31

Should the Code require banks to have more dialogue with customers (whether individuals or small business) prior to the expiry of a term loan eg at least 6 months earlier? Also, where a monetary default has not occurred, provide 3 months notice if a decision is made to not roll over the loan, even if this means extending the expiration date to allow for the three months following the date of decision?

32

Should the Code require a bank to give 6 months notice of intention to vary terms of loan and bear cost of any change of terms and conditions

33

Should the Code require banks: • to notify their customers in writing when they assign a debt, including the name of the debt buyer, their contact details, and the amount currently outstanding; • include in their contracts of assignment some guidance about working with the debtor to make a repayment arrangement before the use of litigation and, in particular, bankruptcy proceedings.

Impairment of Customer Loans, May 2016

H. Loan Contracts

34

Should the Code impose additional disclosure obligations in relation to loan terms and conditions ie: • to have plain English T&Cs and an exec summary; • clearly specify types of change bank can make and period of notice required?

35

Should the Code require the loan contract to provide flat fee disclosure re higher fees or interest charged in the event of default or impairment?

36

Should the Code require banks to use standardised non-monetary default

FSI Inquiry Rec 34 as quoted in Impairment

covenants or restrict the ability of banks to foreclose on the basis of nonmonetary default?

of Customer Loans Report p.7 & 20

I. Security/ valuations

37

Should the Code restrict a bank's right to impose unreasonable security/ guarantee requirements?

Ireland’s Code of conduct for business lending to Small and Medium Enterprises

38

Should the Code oblige more transparency/ fairness re valuations eg customers to be provided with copies of valuation or investigating

Clause 7 and 8 Impairment of Customer Loans Report p.xiv

accountant reports and instructions to valuers, banks to ensure that valuation instructions do not change during the term of the loan and that

Prudential Standard 220

businesses are valued as a going concern and not just a collection of business assets and that the market value of all security supporting the loan are taken into account not just real property? 39

Should the Code impose an obligation on a bank to return security when all facilities have been repaid?

J. Guarantors

40

Should the guarantor protections be simplified or given more prominence? Should guarantors be given longer (7 days rather than 1 day) to consider information the bank has to provide re the debtor's loan facility and credit worthiness?

31

41

Should additional guarantor protections be included eg: 31.4 and 31.5 · guarantors given longer (7 days rather than 1 day) to consider information the bank has to provide re the debtor's loan facility and credit worthiness; · banks to be required to obtain a written notice from the guarantor re whether they have obtained independent legal and/or financial advice, and if not, that they understand that they are actively waiving their right to do so; · banks to be required to disclose to customers that acting as guarantor can affect their Centrelink income; · disclosures to be made in person or by post;

Doggett v Commonwealth Bank of Australia [2015] VSCA 351; Brighton v Australia and New Zealand Banking Group [2011] NSWCA 152.

· banks to be required to assess the financial situation of the guarantor and not enter into a guarantee with a person who receives Centrelink payments as their only source of income and whose only asset is their home · access to FOS even if above monetary limit? 42

Should the Code require a bank to provide information to a guarantor

31.13

Mutuals Code para 12.12

before the guarantor can be made liable for a future loan eg a bank cannot make a guarantor liable for a future loan unless: • the guarantor has been provided with updated information available to the bank on the financial position of the borrower and • that is information that a careful and prudent guarantor may wish to consider before allowing a guarantee to be extended? K. Financial hardship

43

Should the Code incorporate some of the CCMC Own Motion Inquiry recommendations (particularly re the visibility of information about the

CCMC Guidance Note 13, CCMC Financial Difficulty Inquiry Report

banks' assistance) and pick up some of the principles in the ABA's financial difficulty guidelines? 44

Should the Code define financial difficulty including make it clear that

CCMC Guidance Note 13, CCMC Financial

either joint debtor can seek hardship assistance? 45

Is there a need to give more prominence to/ clarify interplay between Code financial hardship provisions and NCC regime?

Difficulty Inquiry Report 28

sec 72 NCC

46

Does Code oblige the banks to do enough to assist where financial hardship is experienced by an individual with investment credit/ small

28

business eg should the Code apply NCC provisions more broadly? 47

Should the Code financial difficulty provsions be extended to apply to

28

guarantors? 48

Should the Code require banks to proactively work with all customers who have been identified as experiencing financial difficulty and develop a plan with that customer? Can the language be improved to be more positive/ encourage disclosure?

49

Should the Code recognise an entitlement to a savings buffer by customers in financial hardship?

50

Should the Code oblige banks to provide information to customers about

UK Code 14.4

free money advice and to warn about debt management companies? 51

Should the Code include further consumer protections where a hardship arrangement is being considered or is in place eg restrictions on default

28

Mutuals Code 24.2

fees, listing with credit reporting agency or enforcement action, protections where breach of hardship arrangement eg grace period, contact obligations, default notice? 52

Should there be more prescriptive obligations re a notice responding to a 28.8 hardship request including information as to what will happen at the conclusion of the period, ramifications including as to credit reporting, interest and fees, EDR rights?

53

How appropriate are the Code's current settings re a debt sale where a 32.3 hardship application has been made or hardship arrangements are in place - should these be removed or in fact extended so as also applicable where a hardship arrangement is being considered?

54

Should the Code include an obligation that bank staff undergo specific 28.4 and 28.11 financial hardship training (either generally or in relation to small business hardship) to enable them to identify and refer customers to the financial hardship department of the bank as well as to an independent financial counsellor?

55

Should the Code require posters and brochures about financial hardship 28.10. relief to be placed in branches and appear on statements of accounts and bills?

56

Should the Code financial difficulty provisions refer to domestic and family violence/ include special protections for those the victim of domestic or family violence eg: · obligation to immediately assess a hardship application where the application refers to domestic or family violence/ bank otherwise aware that the applicant is a victim or domestic or family violence?

Mutuals Code 24.2

· grant hardship applications for one co-borrower where there is evidence of domestic or family violence in respect of the other co-borrower. 57

Should the Code provide specifically for the assistance of prisoners in

28

financial difficulty eg guidelines to be developed by banks as to how to address their access and other issues? 58

Should the Code include procedures for dealing with long term hardship that provide a clear definition of this and mirror the processes/ set out the criteria for debt negotiation and waiver that were used in the National Bulk Debt Project?

59

Should the Code restrict a bank from credit reporting that has the effect of showing loan repayments as missed where a hardship arrangement is being considered or is in place and is being complied with?

60

Should the Code require banks that are reporting repayment history information to any credit reporting agency to provide timely information to consumers (eg through regular statements) as to what numeric code has been submitted to the credit reporting agency for the previous repayment cycle, what that means and if relevant, how they can avoid any negative information being listed in future?

FOS Determination 422745

61

Should the Code commit the CCMC or ABA to publish data particularly about the financial difficulty assistance provided under cl 28 of the Code

Australian Energy Regulator annual report Gen Insurance Code of Practice

eg number of customers seeking assistance with financial difficulty, numbers of type of assistance provided ie payment plans moratoriums, interest/fee waiver and reduction, debt forgiveness etc) and data about

Compliance C'ee annual data Some banks' annual or corporate responsibility reports

whether assistance has assisted customers get back on track (i.e. data on customers exiting hardship programs). L. Financial distress/ default

62

Should the Code include more prescription re debt collection eg impose

32

a fine/ compensation for non-compliance with Debt Collection Guidelines, publicising on bank's website of breach by collection agent, commitment to cease using the services of a debt collector who repeatedly (3+ times) breaches the Debt Collection Guidelines? 63

64

Should the Code require more transparency or restrict a bank's ability to charge higher rates of interest/ fees where a loan is in default eg so that

Impairment of Customer Loans Report Rec 1

these reflect the bank's direct costs?

Prudential standards

Should the Code specifically prohibit a bank from freezing a customer’s savings account when a consumer is in default with another facility with the bank other than due to a court order or other enforcement order?

65

Should the Code require additional obligations on a bank appointing a receiver eg to enable a borrower to request an alternate company if

Impairment of Customer Loans Report Rec 7

conflict of issue concern, to require receiver to sell business as a going concern where possible, to take reasonable steps to ensure assets sold as close to listed market value as possible?

Corps Act s420A APS 220

66

Should the Code incl an obligation that bank communications re legal proceedings and/ or entering of a default judgement must include a plain English explanation?

67

Should banks be obliged to comply with Dep of Human Services Code of Operations?

68

Should Code require lenders to inform a customer's key creditors once a loan is in default eg builders who may be building on a developer's land?

Impairment of Customer Loans Report Rec 7

M. Other banking service issues

69

Should the Code include additional consumer protections in relation to fees eg restrict regressive fees, provide warnings where fees will be triggered, restrict right to charge fees for face to face interaction with branch staff/ providing a document under the Code where vulnerable customer?

70

Should the Code enable either party to a joint account or joint credit facility to: • ask for no further credit to be extended under the account/ redraw facility to be suspended; • ask for the account to be closed when there is no money currently

30

outstanding; • request a temporary freeze on funds in a jointly held account. 71

Should the Code require higher standards of responsibility by banks for cancelling direct debit arrangements eg immediate rather than prompt action, no fees, multiple channels for making request, no timeframe for reporting unauthorised transactions, penalty if bank fails to cancel the arrangement?

72

Should Code change or provide more clarity re responsibilities/ process for cancellation of a regular credit card payment agreed with a merchant

21.3, 22

CCMC Guidance Note 10 Direct Debit ABA Fact Sheet Direct Debits

eg bank to be responsible for this process and without a fee being charged/ obligation of bank, if asked by a customer to cancel the payment arrangement, to explain to customer what they must do? 73

Should the Code require the informed consent of the customer to the delivery of disclosure documents electronically and better access (without fees) to documents in a paper format?

ABS, 8146.0 - Household Use of Information Technology, Australia, 201415, 18 February 2016 http://www.abs.gov.au/ausstats/[email protected]/ mf/8146.0

74

Are there circumstances in which more prominence should be given by the bank to the need for the customer to seek legal or financial advice?

3.1(b)iiiC

75

Should Code do more to protect vulnerable customers eg older persons, customers with a disability or indigenous customers?

ABA Guidelines

· Code could require banks to implement transaction checking procedures that identify and take protective steps where large or unusual transactions that do not appear to benefit customer. · Code could entrench principles that underly industry guidelines. · Code could impose a more proactive obligation to provide relevant information and enhancing accessibility. · Code could require banks to explain the content of brochures and other written information. · Code could encourage direct referrals to financial counsellors and legal advisers where necessary including the provision of a telephone number to a customer · Code could require a bank to waive repayment where a debt is entered into under duress and the customer received no benefit from the credit. · Code could require banks to screen for vulnerability and where identified provide the customer with a centralised contact point with the bank (hotline for vulnerable customers) and appropriate referrals to financial counsellors and/or legal services in the event of financial hardship. 76

Should definition of "remote" indigenous communities be included - or

8

obligations expanded to all indigenous communities? Also appropriateness of "member" of a remote indigenous community cf "people who live in a"? Should the Code oblige a bank to take "all practical steps" rather than "reasonable steps" 77

Should the Code provide additional protections for those affected by domestic and family violence eg • moratoriums on repayments where the customer has little or no income; • severing joint debts to enable the customer experiencing family violence to repay a smaller debt in an affordable repayment arrangement; • a release from a debt when the customer is in long term financial hardship; • not listing on the customer’s credit report to ensure they can obtain rental property; • banks should never ask a co-debtor, guarantor or account holder to seek information, documents or consent from their ex-partner; • inclusion of good referral pathways for legal advice, counselling and other support services?

Royal Cmmn into Family Violence (Victoria) Report 30 March 2016 Rec 111 Women’s Legal Service Victoria’s (WLSV’s) 2015 report titled Stepping Stones: Legal Barriers to Economic Equality after Family Violence

N. Small business

78

Is Code definition of small business appropriate? Would it be better for loan purposes to define a small business based on total lending eg no more than $1 mil - and limit the FTE test to cases where no lending relationship? Alternatively would a 100 FTE test across the border be simpler and better?

42

79

Should the Code impose greater obligations on banks to work with/

Canada’s Model Code of Conduct for Bank

provide clearer information to their small business customers?

Relations with Small and Medium-sized Businesses - Openness Ireland’s Code of conduct for business lending to Small and Medium Enterprises

80

Should the Code do more to ensure small businesses have access to appropriate banking services and products eg expand obligations in clause 16 to cover small businesses?

81

Should the Code make the commitment to exercise the care and skill of a 27

Canada’s Model Code of Conduct for Bank

diligent and prudent banker in the credit assessment process more concrete in small business context eg requiring banks to explain the requirements needed to obtain bank credit + an obligation to notify

Relations with Small and Medium-sized Businesses: Applications for credit Ireland’s Code of conduct for business

applicant of additional information requirements where lending decision cannot be made + an obligation to estimate how long it will take before a

lending to Small and Medium Enterprises Clauses 2, 3 and 13

credit decision will be made + an obligation to consider each application on its merits + obligation to inform customer about terms and conditions of financing?

16

82

Should the Code mandate compliance with the NCCP Act responsible lending provisions in relation to small bus customers?

27

Impairment of Customer Loans Report Rec 3 FOS Circular Responsible Lending Conduct Obligations and Maladministration March 2011

83

Should Code require banks to explain to small business customers the

UK’s ‘A Statement of Principles – Banks

main reason for a refusal to lend and the requirements top enable the bank to reconsider the application?

and micro-enterprises – working together’: Clause 1(e) Canada’s Model Code of Conduct for Bank Relations with Small and Medium-sized Businesses Ireland’s Code of conduct for business lending to Small and Medium Enterprises: Clause 12

84

Should the Code require EDR information to be given to a small business 28.2 customer: • in any default notice they receive

NCC se 72

• when their request for financial difficulty assistance is declined and • when they receive notice that a bank does not intend to renew a loan that is about to expire? 85

Should the Code require a small business to be given more notice of a

20.4

Impairment of Customer Loans Report Rec

change in loan terms and conditions eg a 6 month period of notice as per ICL Report or 30 days' notice (unless there are exceptional circumstances) as per CPA submission?

2b. UK Lending Code Clause 94, 97, 175 and 176

86

Should there be more standardisation in loan contracts or disclosure re loan contracts eg cover sheet summarising the obligations of customers and the consequences of any breach?

Impairment of Customer Loans Report p.xviii

87

Should Code require banks to do more to assist small business customers [Note] in financial distress eg give borrower reasonable time/ specified period to resolve arrears unless reasonable suspicion of fraud, endeavour to agree a position to resolve arrears, advise borrower of impact of arrears on other accounts, nationally consistent arrangements for farm debt mediation and small bus debt mediation?

Impairment of Customer Loans Report Rec 6 Unfair Contracts Act Bunbury Foods v National Australia Bank (1984) HCA 10 Canadian Model Code of Conduct for Bank Relations with Small and Mediumsized businesses Ireland’s Code of conduct for business lending to Small and Medium Enterprises Para 15, 17, UK A Statement of Principles, para 2(a)

O. Marketing/ appropriate banking services and products

88

Should the Code commit banks to: 16.2 • make enquiries as to a person’s suitability for a banking service or product when they open an account; • set in place systems to pro-actively identify customers who may be using an unsuitable account; • refund fees and charges incurred by customers who have been clearly identified as being in the wrong account where this should have been apparent to the bank?

Clause 3.1 of the former self-regulatory UK Banking Code

89

Should the Code: • include commitments that arise from the current Independent Review of Product Sales Commission and Product Based Payments; • institute suitability requirements with respect to all sales within banks; • introduce mandatory delay between the sale of the primary product and the sale of the add-ons; • allow the promotion of products but prohibit the completion of a sales transaction until the consumer takes a step to opt in. That is, the consumer would have to call the salesperson themselves (after the mandatory delay) and say that they want to buy the product • commit banks to tell a customer that they can buy the add-on product elsewhere and be given information on how to shop around. • prohibit the sale of add-on products via an 'opt out' mechanism, such as where the contracts have a pre-ticked box saying that the consumer agrees to buy the add-on unless they say otherwise. • require regular review of add on products to assess whether they meet the customer's needs;

90

• regular review of sales practices for add on products to ensure consumer informed consent in respect of both the cost and the cover offered? Should the Code include an obligation that marketing and advertising be undertaken in an appropriate and responsible way including the prohibition/ restriction of high pressure sales techniques including cold calling?

91

Should credit card advertising and marketing material disclose clearly the cost of a credit card for a consumer, including the card's headline interest rate and ongoing annual fee?

92

Should the Code require staff who sell add-on insurance with any credit product: · to have qualifications to provide financial advice · to be obliged to advise the customer about the suitability of the insurance?

P. Privacy/ access to information

93

Should the Code enable customers to obtain copies of loan application documents, credit assessments and valuations?

13.2

94

Should the access to information provisions be overhauled to acknowledge APPs and address duplication/ inconsistency in timeframes between Code and APPs be resolved?

13

95

Should the Code introduce more clarity/ prescription as to the 13.7 "reasonable fee" that can be charged for access to information under the Code?

96

Should the Code narrow the exception from the duty of confidentiality for 24© own interests?

Q. Staff remuneration, training and whistleblowers

97

Should the Code include any commitments as to remuneration/ bonus practices not impinging on obligations to customers eg the bank will not

Impairment of Customer Loans Report p.xiii, Rec 5a. & b

use product based payments to employees or third parties that could lead to poor customer outcomes/ prohibited conficted remuneration/ clawback on bonuses? 98

Should the Code include more prescriptive training requirements eg annual/ regular refresher about the Code for employees whose responsibilities are impacted by the Code/ replace reference to "adequate knowledge" with "comprehensive knowledge"? Also better training re all options for external dispute resolution including farm mediation and FOS? Also more prescriptive obligation re training in dealing with vulnerable customers?

99

Should the Code require banks to train their staff in the nature and impact of domestic and family violence, including economic abuse, and in identifying customers who may be experiencing domestic and family violence when making an application for credit?

100

Should the Code include enhanced protections for whistleblowers?

R. Breach reporting

9

101

Should definition of "serious or systemic" non-compliance be included?

102

Should the Code include an obligation on banks to ensure that their employees internally report identified breaches of the Code?

103

Should the Code facilitate better public transparency as to the extent of

Corps Act s912D

compliance with the Code? S. Complaints

104

Are there provisions in the Code in relation to "disputes" that should

s42 definition of dispute

apply more broadly to "complaints" and should a definition of "complaints" be included? 105

Should Code include an obligation on banks to have a customer advocate? Should customer advocates be tied to the timeframes for

37, 38

complaints handling/ no cause delays in the resolution of disputes? 106

Should the Code more clearly extend to small bus the same complaints

37, 38, 39

handling standards as required under the law for retail customers? 107

Should banks be explaining all of the EDR options available eg when offering farmers a chance for mediation under the Qld Farm Finance Strategy be obliged to explain the FOS dispute resolution process that is

39.1 and 39.2

available by way of alternative? T. Transition/ Future reviews

108

Should some provisions of the revised Code (eg hardship provisions, complaints, cancellation of direct debits) apply regardless of when loan

41

contract entered into? 109

Should reviews occur every 3 years rather than 5 years and should progress reports have to be provided more frequently?

6

6.4