Banking - Consumers' Federation of Australia

21 April , 2021

Limited impact of COVID-19 on bank compliance

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.…

9 April , 2021

Banks unite to help customers experiencing financial abuse

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…

31 March , 2021

Banks call for consistent laws to prevent elder abuse

Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse. This is a media release from the Australian Banking Association. It was originally published on 31st March, 2021. State and federal Attorneys-General are meeting today to consider a scope for a national register of power of…

17 March , 2021

31,000 credit complaints since Banking Royal Commission

Data reveals postcodes flooded with complaints about loans as Government plans to remove lending protections An analysis by consumer group CHOICE has revealed over 31,000 complaints have been made about credit products since the end of the Banking Royal Commission’s hearings. The analysis comes as crossbench Senators in Federal Parliament decide on a government proposal…

3 March , 2021

BCCC Report – Building Organisational Capability: How banks can improve compliance with the Banking Code of Practice and deliver better customer outcomes

The banking code compliance committee (BCCC) has released a report providing Code-subscribing banks’ senior leaders with guidance on how to build organisational capability to improve compliance with the Banking Code of Practice (the Code). The BCCC released the following media release on February 26 2021. The report provides Code-subscribing banks’ (banks) senior leaders with guidance…

26 February , 2021

Bank systems, technology, staff development and culture key to improve banking customer outcomes

Banks too often blame compliance failures on ‘human error’, according to the Banking Code Compliance Committee (BCCC). Between 2017 and 2019, more than 90% of breaches of the Banking Code of Practice were attributed to staff errors. This is a BCCC Media Release In a report released today, the BCCC has urged banks to take…

16 December , 2020

“Nothing more than marketing schemes”: CHOICE on ASIC’s review of school marketing programs

Corporate regulator slams banks’ school marketing schemes as CHOICE calls on State and Territory Education Ministers to ditch Dollarmites. This is a CHOICE Media Release “CHOICE welcomes ASIC’s comprehensive review into school banking programs. This is the first time ever in over a century that these school-based marketing schemes have been reviewed,” says CHOICE CEO…

11 December , 2020

Consumer groups comment on Banking Royal Commission reforms

Consumer groups welcome yesterday’s passage of Royal Commission recommendations into law, but condemn the government for introducing the law to axe safe lending laws into the House. This is a joint media release by CHOICE, Consumer Action, Financial Counselling Australia and Financial Rights Legal Centre. “This week the government has proposed to slightly strengthen and…

2 December , 2020

Customer Owned Banking Code Compliance Committee releases Annual Report for 2019-20

The independent committee that monitors the Customer Owned Banking Code of Practice (the Code) has released its annual report for a year marked by natural disasters and the COVID-19 pandemic, along with extensive regulatory changes stemming from the Financial Services Royal Commission. This is a Customer Owned Banking Code Compliance Committee Media Release Customer owned…

24 November , 2020

122 organisations join together to oppose Government’s plan to axe safe lending laws

The Consumers’ Federation of Australia has joined organisations and prominent individuals nation-wide in an open letter calling for Senators to block the weakening of safe lending laws. The following is a CHOICE media release. Axing safe lending laws will be bad for people, bad for the economy and directly contradict the first recommendation of the…

9 November , 2020

Consumer Representative Opportunity – Banking Code Compliance Committee

About the opportunity The Banking Code Compliance Committee (BCCC) is an independent body that monitors banks compliance with the Banking Code of Practice, helping banks create a better banking experience for customers. The BCCC’s work is supported by a dedicated team of staff at the Australian Financial Complaints Authority (AFCA) that provide Code monitoring and…

25 September , 2020

Consumer groups slam move to remove responsible lending laws

Removing credit protections will cause harm to people and the economy CHOICE, Consumer Action Law Centre, Financial Counselling Australia and Financial Rights Legal Centre have responded to the Government’s announcement that it will remove credit protections for borrowers saying right now what people need is more income, not more debt. Government’s proposed reforms will remove bank responsibility…