Banking

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The Banking Code Compliance Committee (BCCC) today released a report indicating that banks would comply with their direct debit obligation under the Banking Code of Practice (the Code) in only 71% of cases. In March 2021, the BCCC conducted a mystery shopping exercise into banks’ compliance with their obligation to promptly cancel a customer’s direct debit on…

Read More Banking Code Committee concerned by direct debits compliance

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The independent committee that monitors the Customer Owned Banking Code of Practice (the Code) has released its Annual Report for a year marked by the ongoing challenges arising from the COVID-19 pandemic and expectations of the financial services industry to embed extensive regulatory changes stemming from the Financial Services Royal Commission. This is a Customer…

Read More Customer Owned Banking Code Compliance Committee releases Annual Report for 2020-21

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A coalition of the country’s leading consumer organisations is calling on Australia’s major banks to make significant updates to their industry code to improve outcomes for customers. The Consumers’ Federation of Australia’s (CFA) submission of behalf of the coalition to the 2021 review of the Australian Banking Association (ABA) Banking Code of Practice (the Code)…

Read More Banks can do better: Consumer groups make more than 100 recommendations to improve bank behaviour

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In a report released on the 11th of August, the Banking Code Compliance Committee (BCCC) highlighted serious concerns about banks’ failure to consistently comply with the 2013 Code’s guarantee obligations. This is a Banking Code Compliance Committee (BCCC) media release, originally published on 11th August, 2021. For the first time in a BCCC Inquiry, a sub-set of…

Read More Banking Code Compliance Committee critical of banks’ guarantees practices

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Financial Rights Legal Centre is calling on the Australian Government to halt the introduction of new rules that will increase privacy and security risks for people when sharing their financial data. This is a Financial Rights Legal Centre media release, originally published on 30th July, 2021. The government should rescind proposals to: allow the transfer…

Read More Government must go back to the drawing board on new Open Banking rules that undermine Australians’ privacy rights

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The Banking Code Compliance Committee (BCCC) has published its 2021-24 Strategic Plan and 2021-22 Business Plan. The  2021-24 Strategic Plan outlines the areas we will focus on to achieve our purpose for the period 2021–22 to 2023–24, including taking action to: improve the visibility of the BCCC enhance our intelligence sources and identify important issues expand our engagement with consumer stakeholders…

Read More BCCC publishes 2021-24 Strategic Plan and 2021-22 Business Plan

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A follow-up inquiry into consumer credit insurance (CCI) has shown that, while customer owned banking institutions have stopped selling add-on CCI, they still have a duty to their customers when it comes to managing loans with active policies and providing referrals to insurance providers. The independent committee that monitors the Customer Owned Banking Code of…

Read More Customer Owned Banking Code Compliance Committee report shows consumer credit insurance obligations are ongoing

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The Customer Owned Banking Code Compliance Committee (the Committee) has released its ACS Verification Report 2019–20: Insights and Learnings. This Report is an addition to the summary data published in the Committee’s Annual Report in December 2020. It contains analysis of the self-reported data collected in the 2019–20 Annual Compliance Statement (ACS) and of the…

Read More Code Compliance Committee releases Annual Data Verification Report 2019-20

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The Banking Code Compliance Committee (BCCC) has sanctioned Members Equity Bank (ME Bank) for serious and systemic breaches of the Banking Code. The BCCC found that ME Bank’s communications to impacted customers about changes to their redraw amounts in April 2020 were poor and ineffective. The Code’s Guiding Principles require banks to be accountable and transparent in…

Read More ME Bank named for breaches of the Banking Code

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In a report released today, the Banking Code Compliance Committee (BCCC) has stated the impact of COVID-19 on banks’ compliance with the Banking Code of Practice (the Code) appears to be less significant than expected. However, breaches overall increased significantly during the 2019–20 financial year. This is a BCCC media release, originally published on 20th April, 2021.…

Read More Limited impact of COVID-19 on bank compliance

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Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse. The updated industry-wide approach is designed to ensure bank staff are equipped to recognise signs of financial abuse. This is an ABA media release, originally published on 4th April, 2021. “This kind of…

Read More Banks unite to help customers experiencing financial abuse