The Code of Banking Practice (“COBP”) is a voluntary code, setting out the minimum standards for service and conduct customers can expect from the bank, and how the bank would like to relate to customers. Monitor Administrators make use of a debit order system and is therefore directly responsible for instructions given to your bank regarding the payment of insurance premiums.
The Code will be a guide for customers to better understand their rights and responsibilities as well as the bank’s responsibilities in serving customers.
Monitor Administrators is committed to meeting the standards set out in this Code. Our relationship with customers will be guided by four key principles, namely fairness, transparency, accountability and reliability.
Although the COBP is based on self-regulation and exists as a voluntary code of conduct, there is other legislation, which has an impact on the relationship between a bank and its clients, and therefore has an impact on the COBP.
Copies of the Code are available from us and from The Banking Association South Africa. You can also view the Code on The Banking Association’s website at www.banking.org.za or on your bank’s website.
The contact details of the relevant Ombudsman services appear on The Banking Association’s website and in section 10 of the Code.