By September this year, a new kind of banking ombudsman`s office could be available to help you tackle any complaints about your bank.
Bob Tucker, chief executive of the Banking Council, says a new office, independent of the council, could be set up by then.
At present, the board of the Banking Council, which is made up of the chief executives of the council's member banks, is responsible for the appointment of the ombudsman and the policy of his or her office.
Discussions are under way within the broader financial services industry to have an ombudsman's office which has statutory powers.
But Tucker says this will take a long time and the banks would like an independent ombudsman established in the meantime.
Tucker was talking to Personal Finance after the release of the banks' new draft code of conduct this week.
The code aims to set minimum standards for good practice by the banks which subscribe to it.
The draft was presented for discussion to interested parties such as the Department of Trade and Industry and consumers' groups at a function in Johannesburg.
Written submissions on the new code must be made by May 15 after which the code will be debated for another two months before a final version is drawn up.
The banking ombudsman will be able to refer to the code when tackling disputes between you and your bank.
The idea is to have the code of conduct ready by the time the independent ombudsman's office is established. The term of office of the present banking ombudsman, Charl Cilliers, ends in September.
The new code obliges the banks to:
* Give you information about accounts, charges and changes to the conditions of your account;
* Help you manage your account;
* Protect your confidentiality and not disclose information about your account P or even your name and address P to anyone except under strictly defined conditions; and
* Consider cases of financial difficulty sympathetically and take reasonable steps to help you manage your difficulties.
Remember, though, that the code is voluntary.
It is not a legal contract. It is up to you to make sure that your bank sticks to it.
You can get a copy of the draft code from your bank or from the Banking Council: telephone (011) 370 3500.