Our Mandate under the Code
Our Mandate sets out our role, functions and powers for monitoring banks compliance with the Code of Banking Practice.
What the Mandate covers
The Mandate sets out the terms that govern our functions regarding:
- operating procedures
- Committee membership
- the compliance monitoring process
- the compliance investigation process
- making Determinations (formal decisions), and
- sanctioning code subscribers.
Banking services and transactions that are covered by the Code – and therefore fall under our Mandate – include:
- deposits and transaction accounts
- personal home loans
- credit cards
- debit cards
- safe custody facilities
- small business loans
- investment loans, and
- lease financing.
Our role under the Mandate
We have three main roles as set out in the Mandate:
- To monitor code-subscribing banks’ compliance with the Code.
- To investigate allegations that a code-subscribing bank has breached the Code.
- To monitor any other aspects of the Code that are referred to us by the Australian Bankers’ Association.
We discuss the outcomes of our monitoring activities and investigations with code-subscribing banks as well as other key stakeholders, and share our experience in code compliance.
Our Guidance Notes provide insight into our processes and procedures and how they might be applied when monitoring compliance with the Code and investigating allegations of code breaches.