Code of Banking Practice

The COBP is a non-legislative code. All banks that are members of the Banking Association of South Africa have agreed to adhere to the COBP on a voluntary basis. It sets out minimum standards that the bank must adhere to in the relationship with a customer. The COBP provides valuable safeguards to bank clients and it provides for the existence of the Ombudsman for Banking Services.

The Code of Banking Practice ('the Code') provides valuable safeguards for our clients. It should assist you to understand how we as members of the Banking Council should relate to you, our personal and small business clients in South Africa. We want to establish good relationships with you and we want to promote good banking practice by formalising standards of disclosure and conduct which we will observe when dealing with you. We commit ourselves to maintain the relevant standards of fairness set out in this Code. In addition, we are also committed to the highest standards of ethical behaviour as contained in our respective Codes of Ethics. The Code will apply to our dealings with small businesses in respect of those specific products and services we offer to the entity in question.

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.