Commonwealth Bank Commercial Service Provider Agreements

Thank you for your patience as we have been working through ABA Chapter 24 negotiations, impacting on the execution of the CBA PVA. On behalf on all API members I would like to acknowledge Jason Flett and his team on their appreciated cooperation and work to give effect to the best outcome for industry as a whole.

We have now received the Draft Service Provider Agreements PVA wording around the valuation report release from CBA and proposed letter to customers or the “Report Release Letter”, which the bank is proposing to annex to the Service Provider Agreements, for our review and feedback.

Essentially, in the first instance, Clause 3.9 will provide for the following:

The Bank will provide the Relevant Customer with a copy of the Report:

(a)          as per the requirements set out within the Banking Code of Practice applicable at the time the Services are provided, and 

(b)          on the basis the Bank provides the Relevant Customer with a copy of the Report Release Letter as per Annexure F.

I congratulate the Bank for moving such a long way from the original wording and confirm that we will now liaise with respective PI stakeholders and firms and provide members with a further update as soon as possible.

Amelia Hodge
Chief Executive Officer
Australian Property Institute