8 Jan 2018

Submissions on draft banking code kept secret

1:01 pm on 8 January 2018

The Bankers Association is refusing to comment on why submissions on a draft banking code are being kept a secret.

Most retirees will eventually rely on superannuation.

Submissions on a draft banking code of practice are being kept secret. Photo: 123RF

The association asked for public feedback last year on a new Code of Banking Practice, which is the set of guidelines all banks operate by.

At the time, the draft code faced a backlash for not clarifying who was responsible for reimbursing internet banking fraud victims.

The current code requires banks to cover the cost of internet banking fraud.

However, more than six months after public submissions closed, the association has not released any of the feedback it received.

A spokesperson refused to comment on why the submissions had not been released.