Code Of Banking Practice
The Code of Banking Practice (the Code) seeks to foster good relations between Banks and their Customers and to promote good banking practice by formalising standards of disclosure.
This Code is the minimum standard by which all commercial banks agree to be bound.
The Code is not a complete record of banks’ Relationship with their customers since specific products and services may have their own terms and conditions. Such terms may include additional rights for the customers and the bank which vary from those set out herein.
The objectives are to be achieved
Having regard to the paramount requirement of the banks to act in accordance with Prudential standards necessary to preserve the stability and integrity of the banking system in Guyana; and
In a manner that is consistent with the current laws and regulations so as to preserve certainty of contract between a bank and its customers; and
So as to allow for flexibility in products and services and competitive pricing.
- Describe standards of good practice and service;
Promote disclosure of information relevant and useful to customers; .
Promote informed and effective relationships between banks and their customers;
Prescribe procedures for resolution of disputes between banks and customers.
The Code contained in this document shall be reviewed at least every three years in accordance with the objectives and purpose set out in this preamble and having regard to amendments to legislation and the laws of banking and all other applicable laws. Consideration may also be given to the views of interested parties.
Each bank shall endeavour to ensure that its staff is aware of the Code relative to their duties and of the procedure for handling disputes with customers of the bank.
Download the Complete Code Of Banking Practice
This Code is in three parts:
- Part A – Disclosure. This part describes the information which a Bank will provide to a customer in respect of the banking business which the bank offers to the customer.
- Part B – Rules of Conduct. This part describes certain rules of conduct which a bank will follow in dealing with its customers.
- Part C – Resolution of Dispute. This part requires banks to have a dispute handling procedure.
