Code compliance

Three people sitting at a desk having a meeting, two with their backs to the camera Three people sitting at a desk having a meeting, two with their backs to the camera

The new Banking Code Compliance Committee (BCCC) will monitor banks’ compliance with the 2019 Banking Code of Practice (the Code). The BCCC will work with banks and stakeholders to ensure that the high standards of service and other promises made to customers through the Code are embedded and adhered to by the 19 banking groups that subscribe…

Read More New Banking Code Compliance Committee open for business

A black calculator next to a hard copy bank statement A black calculator next to a hard copy bank statement

Consumers’ Federation of Australia has joined a group of financial experts, community advocates, and service providers determined to see stronger laws implemented to protect Australians from irresponsible lenders. The Alliance’s statement: To the Australian Government: Every day our organisations deal with Australians who have been trapped in crippling debt due to high-cost fast loans and…

Read More CFA joins the Stop the Debt Trap Alliance

A person in a mobility scooter, their back facing the camera A person in a mobility scooter, their back facing the camera

Austroads, the peak organisation of Australian road transport and traffic agencies, has released a Discussion Paper on Motorised Mobility Devices (MMDs). The paper explores establishing a National Registration and Licencing Scheme and Technical Specification for MMDs, also known as powered wheelchairs or mobility scooters. The Austroads Discussion Paper AP-C107-19 makes a number of recommendations and…

Read More Austroads invites responses to Motorised Mobility Devices Discussion Paper

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The Banking Code Compliance Committee (BCCC) commenced on 1 July 2019 with the primary purpose of monitoring banks’ compliance with the 2019 Banking Code of Practice. An important part of the BCCC’s role is to ensure that banks uphold the promises they make to their small business and agribusiness customers. To assist it fulfill its role, the…

Read More Small Business and Agribusiness Advisory Panel: Request for Expressions of Interest

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Insurers should accept the challenge of embedding a strong culture of fairness, honesty and transparency, or risk being forced out of business, according to an insurance compliance leader. Lynelle Briggs AO, Independent Chair of the General Insurance Code Governance Committee (the Committee), said there was evidence that some subscribers were not taking the Code and…

Read More Deliver strong and fair culture or risk business, insurers told

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Almost 38 million life insurance cover types were in force at 30 June 2018, according to the inaugural Annual Industry Data and Compliance Report compiled by the Life Code Compliance Committee (LCCC). The report is based on information provided by subscribers to the Life Insurance Code of Practice). Death (41%) and total and permanent disability…

Read More Life insurance code monitoring body delivers report on Australian life insurance industry compliance

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Financial institutions who subscribe to a Code of Practice have obligations to consumers experiencing financial difficulty. The independent committees who monitor the Codes urge consumers to also be aware of these obligations. In 2018, financial difficulty was a particular focus of the committees, especially in the banking sphere where an inquiry found that customer requests…

Read More Codes of Practice and financial difficulty