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The National Australia Bank today announced that it will adopt the revised Code of Banking Practice by the end of August 2003. The revised Code was released today by the Australian Bankers' Association. Once adopted by a bank the Code is contractually binding. Ian MacDonald, Executive General Manager of the National's banking operations in Australia, said that the revised Code was an important outcome for the Banking Industry and National customers across Australia. "For the National the Code reflects our commitment to earning the trust of our customers and the wider Australian public through better defined principles of conduct, disclosure and standards of service," Mr MacDonald said. Over the past year, 55 National business units have been audited to determine the impact of the Code on the National's operations. As part of routine training on the Code, National's 22,000 staff will complete general awareness training on the revised Code. In addition over 2,500 bank documents have been reviewed in light of commitments under the revised Code. "Bringing ourselves to the point where we can say we have adopted the Code has been a significant undertaking, and one that we have not hesitated in completing," said Mr MacDonald. "In signing up to the revised Code we are saying that we will also continuously work towards improving the standards and service in the Banking Industry". The National's guarantor process is also being revamped under the revised Code. A new process will be in place by early 2004, ahead of the June 2005 transition window provided in the revised Code.
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