Proposals to Clarify Code of Banking Practice

Banks Considering Proposals to Clarify Code of Banking Practice

The New Zealand Bankers' Association is considering proposals to clarify the Internet banking provisions within the revised Code of Banking Practice.

Proposals have been received from InternetNZ, the Consumers' Institute, and a joint proposal from the Dominion Post NZ Info Tech and Computerworld.

Alan Yates, Chief Executive of the New Zealand Bankers' Association, said "The Association has listened to the concerns expressed in the media and will be consulting with the key stakeholders about these proposals."

A timeframe had not been set to complete the review, but it is expected to take some weeks.

Mr Yates stressed that banks have always reimbursed customers who are genuine victims of fraud and banks have indicated that this will not change.

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