Compliance with Clause 25.2 (Financial Difficulty) – December 2005

In July 2005 the Code Compliance Monitoring Committee (the CCMC) established an Inquiry into bank compliance with clause 25.2 of the Code of Banking Practice (the Code). Clause 25.2 of the Code requires banks to take positive steps to try to assist customers in financial hardship. This obligation was introduced with the Code and although banks may already have been doing so, the Code made it a contractual obligation.

Please click here to download a copy of the report.

Please click here for a copy of the Media Release, dated 22 December 2005.