Code of Banking Practice
The Code of Banking Practice (“the Code”) regulates various banks’ relationships with their clients. To paraphrase the Code, it is a voluntary code that sets out the minimum standards for service and conduct you can expect from your bank with regard to the services and products it offers, and how we would like to relate to you. The Code only applies to personal and small business customers.
The Code’s objectives are to -
- promote good banking practices by setting minimum standards for your bank when dealing with you;
- increase transparency so that you can have a better understanding of what you can reasonably expect of the products and services;
- promote a fair and open relationship between you and your bank; and
- foster confidence in the banking system.
A version of the Code went into effect on 1 January 2012 and you can obtain a copy for yourself by clicking on this link or by visiting the Banking Association of South Africa’s website at https://www.banking.org.za/code-of-banking-practice/.
In addition, Investec has submitted itself to the Ombudsman for Banking Service’s (“the Ombudsman”) jurisdiction in respect of various related matters. To quote the Code further: We accept the jurisdiction of the Ombudsman for Banking Services to mediate, to make binding determinations based on this Code and on the law where appropriate, and to make recommendations in other circumstances including those based on equity. A determination made by the Ombudsman for Banking Services may be made an order of the court. If we refuse to abide by a recommendation of the Ombudsman for Banking Services, the Ombudsman may publish the recommendation and the relevant bank’s refusal to comply.
You can find out more about the Ombudsman on its website at http://www.obssa.co.za/.