Guarantees Follow-up Inquiry
Inquiry Type: Follow-up
Topic: Compliance with guarantee obligations in the 2019 Banking Code of Practice
Scope: All Code-subscribing banks
Commenced: July 2022
Complete: August 2023
|Analysis and Final Report
In 2019 we commenced an inquiry into banks’ compliance with obligations for guarantees in the 2013 Code of Banking Practice. In this inquiry, we examined the processes and practices of 13 banks.
The resulting 2021 Guarantees Report was published in August 2021, in which we made 23 recommendations.
In 2022, we commenced a follow-up inquiry to see the improvements that banks had made since we published the 2021 Guarantees Report.
We engaged all banks that subscribe to the Code to examine their responses to the recommendations in the 2021 Guarantees Report.
We also sought feedback from the public and from key stakeholders to understand customer experiences with the guarantor process.
We published the 2023 Guarantees Follow-Up Report in August 2023.