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The major banks operating in
New Zealand
are all members of the NZBA. The Code of Banking Practice is prepared by member
banks of the NZBA and records those good banking practices which are set as a minimum
standard for member banks. The purpose of the Code of Banking Practice is to provide
customers with information to help them understand how their accounts, bank products
and services operate, and to ensure member banks operate in a secure and fair manner
in respect of their systems, products, services and customers.
Member banks also belong to the Banking Ombudsman Scheme, which provides a free
mechanism for dispute resolution between member banks and their customers in situations
where disputes remain unresolved after a bank has followed its own internal complaints
procedure. The Banking Ombudsman Scheme sets out how member banks must deal with
complaints made against them.
Member banks must strictly observe and comply with the Privacy Act 1993 in dealings
with customers. Banks have a strict duty to protect the confidentiality of current
and former customers and must endeavour to ensure all customer information is correct
and up-to-date.
The Code of Banking Practice further provides that member banks must make available
to customers account information, product terms and conditions as well
as how member banks must communicate product changes to their customers.
Under the Code of Banking Practice, member banks are required to provide customers
with information on the internal mechanisms they have in place to deal with situations
where a customer experiences loss, theft or where the customer has a dispute in
respect of a transaction. You should undertake this course if you work in banking
or you work with a bank operating in
New
Zealand
.
LESSONS
Lesson 1 > Introduction to the Code of Banking Practice
Lesson 2 > Communication, Statement and Account Information
Lesson 3 > Products and Services
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