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The National Australia Bank welcomes today's launch of the new generation Code of Banking Practice. The banking industry's new Code of Banking Practice reflects the National's commitment to customers on a wide range of issues including principles of conduct, disclosure and standards of service. The new Code, launched by the Australian Bankers' Association, will come into effect in August 2003 when it will replace the original 1993 version. The Code responds to customer concerns with banks. It gives commitments on transparency, conduct and accountability. "The National is a strong supporter of the Code. We intend to be compliant with all provisions by August 2003," said Mr Ian MacDonald, the National's Executive General Manager, Financial Services Australia. "Already we comply with a number of the provisions. For example, the National's internal dispute resolution process already meets Australian Standard requirements. We resolve most complaints before the designated industry timeframes, advising customers in writing of the outcome. We strive to continually refine our internal dispute resolution process to ensure that it meets customer needs." "The National has a strong commitment to listening to issues of concern and implementing solutions for the community. The revised Code will benefit customers by significantly improving banking standards. Key benefits include better defined standards of disclosure for potential guarantors, the extension of the Code to include small business customers for the first time and an independent, external body, the Code Compliance Monitoring Committee (CCMC), to investigate complaints about non-compliance." "The National has been a key contributor to the review process. We will demonstrate our commitment to the community to implement the new Code by reporting on progress at six monthly intervals, to ensure we are ready for the Code's implementation in August 2003," added Mr MacDonald.
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