Banking code of practice

A revision of the banking industry's code of practice was unveiled yesterday.

The Bankers' Association said the code was reviewed every three years. This year it features a new section on internet banking, in response to widespread customer use.

It sets out in what circumstances member banks or customers will be responsible for losses and makes a commitment to provide information about online fraud, scams and other details.

"Online banking has changed the way we live and manage our money," association chief executive Alan Yates said.

"In 2006 New Zealanders made over 80 million online transactions so it makes sense to update the code to reflect this activity."

The code also includes a clarification that securities providers have the right to request that the amount of their liability be limited.

- AGENCIES