In researching this paper, three things were benchmarks in helping me form my views on the fairness of bank/ customer relationships. The first was the 1991 Martin Committee’s report, ‘A Pocket Full Of Change’.
The Martin Committee expressed a need for cheap, speedy, fair and accessible alternative to the court system if customers were to receive justice in bank dealings. A Code of Banking Practice was a way of remedying many unfair practices in banking.
There need for fairness in the bank/ customer relationship struck a chord with the Committee members and the proposed 1993 Code of Banking Practice was a ‘way to remedy many of the unfair practices prevalent in banking industry.’
The Code would provide information for customers to refer to and include provisions to ensure they were provided full details of the banking products they use, and provide a means for an independent review on the fairness of bank products.
Banks' superior resources can delay a case for years. Martin examined litigation and its inherent difficulties such as high costs, powerful position of banks, unnecessarily protracted proceedings and failure to ensure adequate discovery.
This was summed up by Former Governor General and Justice of the High Court of Australia, Sir Ninian Stephen: ‘The Chief Justice of [NSW] said to me just the other day on his salary he could not possibly afford to litigate in his own court’. FIND MORE...
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