The Hong Kong Monetary Authority's first compliance survey on the Code of Banking Practice has revealed only 21 per cent of SAR banks believe they are in full compliance with the code, six months after it was fully implemented. The code, introduced in July last year, provides banks with guidelines on dealing with customers. It required full compliance by the end of last year after offering a six-month grace period. The HKMA survey - conducted in February on 204 authorised institutions - showed only 21 per cent of those questioned claimed to be in full compliance with the code. However, 81 per cent said they complied with at least 80 per cent of the code. 'The most common quoted reasons for non-compliance are resources constraints and the need to effect system changes,' the HKMA said. The survey showed that 60 authorised institutions employed debt-collection agencies to collect debt. About 3 per cent of the institutions passed information about referees to debt-collection agencies, which the authority said was a serious breach of the code. The surveys showed only 51 per cent of authorised institutions provided terms and conditions of their services in Chinese and English.