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BFCSA: John MacFarlane on ANZ Board 2014 Yet in 2003 helped designed Bankers Code that everyone ignored including FOS and its ANZ mates.

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S25.1 of the Bankers Code - "must have regard for affordability" went out the window John!  Unverified Mortgage Loans is fraught with fraud including full doc loans.  Wakey Wakey.  Yes these god like Bankers all made millions in commissions and bonuses and designed the Code as a FACADE to deceive the public and then  immediately sold faulty products that represent the reverse of what is written the the codes signed by the following Bankers.  If you want to know who these Fraudsters and Banker Engineers of dodgy products are.....their names appear below:   This email address is being protected from spambots. You need JavaScript enabled to view it.

For Release: 15 August 2003

ANZ adopts new Code of Banking Practice

ANZ today announced it has adopted the new Code of Banking Practice.

The Australian Bankers’ Association released the new Code of Banking Practice on Friday, 1 August 2003.

The updated self-regulatory Code is a voluntary code of conduct which sets standards of good banking practice covering personal and small business customers.


The main features of the revised code include:

• expansion of the Code to cover small business customers
• a commitment to work with customers experiencing hardship
• improved fee and product disclosure to customers
• a commitment to assist customers who request help in cancelling a direct debit request
• improved Code compliance, transparency and reporting.

ANZ Chief Executive Officer and Chairman of the ABA Mr John McFarlane welcomed the new Code of Banking Practice as a further opportunity to improve the services provided to banking customers throughout Australia.

“At the heart of a customer’s relationship with a bank is trust and the Code sets a minimum standard of good banking practice that the customer can ultimately expect from us,” Mr McFarlane said.

“Now that we are compliant with the new Code, we need to continue to lift the bar on a regular basis to ensure the industry consistently delivers the service our customers and the community look for,” he said.

30 December 2011

Events in 1993 when the first Code was being drafted, led government and banks to assess the effectiveness of self-regulated banking. It was claimed banks needed to put in words their practices while providing an effective mechanism for monitoring complaints and incorporating effective dispute resolution procedures.

This required a straightforward evaluation by banks placing in front of government a commitment to comply with agreed practices and underwrite self-regulation. The banks had to convince the government and public they would introduce a transparent and effective self-regulated structure with honest and fair systems to ensure practices would benefit customers.

Based on guarantees by the banks, the practices set out in the new Code (2003) were acceptable to individual and small business advocates providing, of course, that the banks compiled with the key commitments and obligations in Part B of the Code. The public and government were cast in a role whereby they had to trust bank directors to deliver banking commitments set out in clause 2.1, including an undertaking to use plain language.

Directors Guarantee to Comply with New Code (2003)

Following the publication of the new Code on 1 August 2003, bank directors knew that the promises regarding principles and practices in Code (2003) were problematic. Despite this, they were willing allow the banks to make pubic statements that they would adopt the new Code and deliver promises contained in it.

The directors of the following banks were first to make a commitment their bank would stand by the commitments in Code (2003):

Adelaide Bank Limited - 12 August 2003

Australian and New Zealand Banking Group - 12 August 2003

Bank of South Australia - 12 August 2003

Commonwealth Bank of Australia - 12 August 2003

St George Bank Limited - 12 August 2003

National Australia Bank Limited - 29 August 2003

Bank of Queensland Limited - 7 October 2003

ING Bank (Australia) Limited - 3 November 2003

Bank of Western Australia - 19 January 2004

Citibank Australia - 5 April 2004

HSBC Bank Australia - 10 May 2004

Champions of New Code (2003)

On 1 August 2003 when Code (2003) was published, Australian Bankers Association records noted:

John McFarlane(Chief Executive, ANZ Bank) had replaced David Murray (CBA) as ABA Chair on 17 June 2003, and

Gail Kelly(Chief Executive, St George Bank) had replace Ed O'Neal as Deputy Chair, and

David Bell,ABA Chief Executive and non-bank member.

Code (2003) required the eleven subscribing banks to comply with clause 35.7 and investigate all complaints. It was anticipated that the banks and its bank funded partner, the FOS, would appoint independent Code Compliance Monitoring Committee members to monitor compliance with the Code's fair and prudent banking practices.  Whilst this was happening, the banks were using the ABA public relations network to promote their commitment to investigate all customer complaints. This was reinforced under the Code when Compliance Monitors were being appointed.  Supporting the subscribing bank promises and reinforcing their commitment to the Code principles, was an understanding the Code Compliance Monitoring Committee would investigate and make a determination on any allegation from any person that a code subscribing bank breached the code'

However, shortly after new Code was published, and banks adopted it, the many commitments made by them in the Code were found to be untrue. Directors of the eleven banks adopting the new Code watched as the ABA commenced a hard-hitting media campaign, whilst remaining silent on the use of ambiguous words undermining it.

Non-bank people would have had no idea that shortly after banks made a commitment to the ABA to publish the new Code they were setting in place the Code Compliance Monitoring Committee Association. The association members included only CEOs of subscribing banks and they had a different set of rules. This well kept secret of banks had the effect of varying a few key-principles set out in the revised Code. As noted earlier, a little vinegar sours the wine

- See more at:

 'WE BANKERS MUST STICK TOGETHER" - there's a fraud war on.  We want our share of the ARIP market and rip off some more pensioerns who qualify as they have a home and a pulse."


Media Release
For Release: 1 April 2014


JT Macfarlane to join the ANZ Board

The Chairman of Australia and New Zealand Banking Group Limited John Morschel today announced that John (JT) Macfarlane would join the ANZ Board on 22 May 2014 following a decision by Peter Hay to retire.


Mr Macfarlane is one of Australia’s most experienced international bankers. Most recently he was Chairman and CEO of Deutsche Bank Australia and New Zealand. Previously at Deutsche Bank he was a member of the Global Banking Executive Committee and Co-Chair of the Asia Pacific Executive Management Committee. Mr Macfarlane also served as Chief Country Officer of Deutsche Bank Group in Japan and as Chief Executive Officer of Bankers Trust in New Zealand.

Mr Morschel said: “I am very pleased to have JT join the ANZ Board. The depth of his banking experience in ANZ’s key markets in Australia, New Zealand and Asia Pacific will further strengthen the Board.................Mr Macfarlane will stand for election as a Director at ANZ’s Annual General Meeting in December 2014.


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  • setup
    setup Sunday, 17 August 2014

    Has anyone lost their home with ANZ due to banking malpractice after the new code was intruduced?

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