Suncorp adopts amended Code of Banking Practice
Suncorp has adopted the new Code of Banking Practice, a self-regulatory code of conduct which sets standards for good banking practice covering personal and small business customers.
Suncorp has been a signatory to the Code of Banking Practice since it was launched in 1996.
The revisions expand the scope of the Code and finetune some disclosures and practices so they better suit the needs of personal and small business customers.
Changes incorporate:
- Allowance for the provision of information to prospective guarantors;
- The inclusion of small business for the first time;
- Provision for simpler cancellation of direct debit authority;
- Improvements to fee and product disclosure;
- The commitment to assisting customers experiencing hardship; and
- Provision of important information on credit card chargebacks.
Suncorp CEO John Mulcahy said the modifications finetuned the Code to ensure prospective guarantors received appropriate and relevant disclosure, rather than duplicating information they already knew about their company.
"The Code is an important tool in setting standards and building greater clarity into the rights and responsibilities of parties involved in transacting within the banking system," he said.
"It is a world-class Code and has been developed through an extensive consultative process across industry with the objective being to improve the experiences of consumers."
30 June 2004
