Code compliance Archives - Page 10 of 13 - Consumers' Federation of Australia

2 July , 2021

Super lobby groups fail to keep promises to consumers

Super fund lobby groups have dumped a code of conduct that could have improved how funds handle life insurance claims. Consumer groups Super Consumers Australia and Financial Rights Legal Centre are calling out a self-interested move from industry lobby groups including the Australian Institute of Superannuation Trustees (AIST), the Association of Super Funds Australia (ASFA)…

30 June , 2021

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

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…

24 June , 2021

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

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…

2 June , 2021

Code Compliance Committee releases Annual Data Verification Report 2019-20

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…

5 May , 2021

ME Bank named for breaches of the Banking Code

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…

3 May , 2021

LCCC Annual Industry Data and Compliance Report 2019-20

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…

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.…

12 April , 2021

Retirement Living Code of Conduct – Annual Report

The Code Review Panel for the Retirement Living Code has published its inaugural Annual Report. The report confirms that in Australia today, more than 46% of retirement village residents are living in a Code Compliant community. The Code Review Panel comprises Dr Elizabeth Lanyon (Independent Chair of the Code Review Panel), Peter Nilsson (Operator Representative),…

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…

19 January , 2021

Most brokers handling insurance add-ons well, but there is room for improvement: Report

A report on the sale of add-on general insurance products by the independent committee monitoring the Insurance Brokers Code of Practice (the Code) outlines the extent to which and how Code subscribing insurance brokers provide add-on insurance products to their clients. This is an Insurance Brokers Code Compliance Committee media release The Insurance Brokers Code…

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…