Major Improvements Highlighted in BCCC Annual Report

paragraph, magnifying glass, libra-1005411.jpg
A set of glinting silver scales on a light blue background. In the foreground is the section symbol under a magnifying glass.

Despite some continued questions from the Banking Code Compliance Committee (BCCC) and consumer groups about the lack of reported breaches, an article on the matter can be found here, the latest BCCC Annual Report does showcase some major improvements that BCCC has made over the last financial year. Read more below to find out.

Original media release by the BCCC (25/09/2023):

In its Annual Report published today, the Banking Code Compliance Committee (BCCC) has highlighted its role in shaping improvements in the banking industry in the past 12 months.

The report showcases the outcomes of the key inquiry into the management of deceased estates and the work on the follow-up inquiry into guarantees, emphasising the important role it plays in holding banks to account and improving industry practices.

In addition to its extensive inquiries, the BCCC worked through 98 allegations of breaches, finalised 79 assessments and commenced 4 investigations.

Chair of the BCCC, Mr Ian Govey AM, reflected on the BCCC’s impact in driving better practices.

“We always aim to effect change in the industry and our work from the past 12 months or so has led to industry improvements,” Mr Govey said.

“Our monitoring work addresses important areas and can really drive valuable changes in bank practices and processes.

“For example, our inquiry into the management of deceased estates not only highlighted critical areas for improvement but also led to tangible changes that will make a meaningful difference for customers during difficult times.

“Our work on the follow-up inquiry into guarantees this year was important and the upcoming report will help refine and strengthen consumer protections.”

Underpinning the success of the BCCC’s work was its collaborative approach and commitment improving its own processes and practices.

The Annual Report reveals the significant strides it has made in implementing the recommendations of the review into its operations.

Mr Govey expressed pride at the progress the BCCC had made: “We recognise the importance of continuous improvement for ourselves too. We collaborated extensively with our Small Business and Agribusiness Advisory Panel to help us improve our understanding and engagement and have worked hard on strengthening our data collection and analyses,” he stated.

“By enhancing our own processes, we are able to work more effectively with banks to pursue the improvements that lead to good customer outcomes.”

The BCCC’s Annual Report offers a look into the priorities for the upcoming year.

Anticipated publications will provide important insights into industry practices and present recommendations for banks. The BCCC also aims to further enhance its data collection and Compliance Statements, which will lead to a better reporting regime for banks and better information for the public.

“Our commitment to safeguarding consumers is unwavering and it sets our priorities for the next year.” Mr Govey said.

“In monitoring compliance with the Banking Code of Practice, we will look at important areas of risk and encourage banks to do all they can to comply and provide quality services for customers.”

Read the full Annual Report on the BCCC’s website.