Effective 1 July 2025
1 What is the new Code of Banking Practice?
- The new Code of Banking Practice is a voluntary code for banks that is aligned with the Conduct Standards for Banks, 3 of 2020, and the Treating Customers Fairly (TCF) principles.
- It replaces the old Code which was published in 2012.
- The new Code sets out the minimum standards for service and good conduct practices that customers can expect from their banks in all interactions.
2 Who drafted the new Code?
The Code was drafted by the member banks of the Banking Association South Africa (BASA) -the national association for domestic and international banks operating in South Africa.
3 Why is it important to have a Code?
Having the Code of Banking Practice ensures consistent fairness, customer protection, and confidence in the banking sector. Regardless of where they the bank, customers will receive fair treatment knowing that all banks abide by the same Standards.
Key reasons for the Code of Banking Practice
- Customer protection
The Code provides minimum standards for service and conduct customers can expect from their bank.
- Transparency and clarity
It fosters transparency, helping customers understand their products better, leading to improved usage.
- Fair and open relationships
The Code encourages open and honest communication between banks and customers, fostering positive and trusting relationships.
- Confidence in the banking sector system
By promoting good practices and setting clear expectations, the Code helps build and maintain public trust in the sector, promoting a culture of integrity, transparency, and fairness.
4 Who does it apply to?
The Code applies to individual or personal customers as well as small, medium, and microenterprises with a turnover of up to R10 million in the last financial year.
5 What has changed?
The new code introduces several key changes, including the following:
- Medium and microenterprises with a turnover of up to R10 million in the last financial year are now covered.
- New obligations for banks when giving advice to a guarantor.
- A comprehensive definition of vulnerable customers.
- Updated guidelines on inclusive and accessible banking.
Importantly, the Code is written in plain, and simple language for easy understanding.
6 What a New Code means for you as a Nedbank customer?
The key principles are fairness, transparency, trust, confidence, accountability, integrity, and reliability, which are already part of Nedbank's client-centred strategy.
7 What processes are in place for customers to report concerns where the Code is not being followed?
Customers can report concerns through a bank's complaints resolution process.
At Nedbank, you will find the process on our website at https://personal.nedbank.co.za/contact/contact-us.html.
8 When does the new code become effective?
The new code is effective from 1 July 2025.
9 Where can I find a copy of the code?
You can download a copy here.
You can also find the new code on the BASA website.
