As I explained in the introduction to this Report, I consider it important that some provisions of industry codes be picked up and applied as law, so that breaches of those provisions will constitute a breach of the law. The provisions to be picked up and applied are those that govern the terms of the contract made or to be made between the financial services entity and the customer or a guarantor. In the 2019 Banking Code, the provisions to be applied are the promises that are made to customers (and guarantors) in the Code.
In order to explain why I have reached this view, I need to say something about the purpose of industry codes and about the model that I propose to achieve this outcome. In the following paragraphs, I focus on the 2019 Banking Code. In the chapter of this Report dealing with insurance, I will say something further about some issues that arise in connection with the three insurance codes.