Finance

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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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A challenging year for life insurers and their customers highlights the importance of the Code The Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the Life Insurance Code of Practice (the Code) – today released its 2019–20 Annual Industry Data and Compliance Report. This is a Life…

Read More LCCC Annual Industry Data and Compliance Report 2019-20

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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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CFA has endorsed the joint consumer submission to the Treasury Review of the Australian Financial Complaints Authority (AFCA). Contributors to this submission have supported and represented thousands of people in disputes with financial services providers and superannuation funds over many years. This includes extensive experience with the Australian Financial Complaints Authority (AFCA), as well as its predecessor schemes,the Financial…

Read More Joint consumer submission to the Review of the Australian Financial Complaints Authority

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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

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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…

Read More Banks call for consistent laws to prevent elder abuse

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The General Insurance Code Governance Committee (the Committee) has today released its annual report for the 2019-20 financial year. The report includes analysis of trends and service standards in the general insurance industry in a year that included significant summer bushfires, flooding and the start of the COVID-19 pandemic. This is a General Insurance Code…

Read More General Insurance in Australia Report 2019-20

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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…

Read More 31,000 credit complaints since Banking Royal Commission

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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…

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

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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…

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

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The Australian Government Treasury is undertaking an independent review of the Australian Financial Complaints Authority (AFCA). AFCA provides consumers and small businesses with independent dispute resolution for financial complaints. The Treasury will undertake the review and is to report to the Minister for Superannuation, Financial Services and the Digital Economy by no later than 30 June 2021.…

Read More Review of the Australian Financial Complaints Authority