Code compliance Archives - Page 11 of 13 - Consumers' Federation of Australia

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…

21 October , 2020

Rising to meet the challenges: Insurance Brokers Code Compliance Committee releases Annual Review of 2019-20

A year that began with bushfires and floods before being overwhelmed by the global pandemic has set unprecedented challenges for Australian insurance brokers. These will only intensify as the new “normal” unfolds, especially given many broking firms are small businesses themselves. “Who, in their wildest imagination, could have created a ‘risk model’ equivalent to this…

12 October , 2020

Australian Association of National Advertisers Launches new Code of Ethics

Following an extensive public review process, the Australian Association of National Advertisers (AANA) can now announce the new advertising Code of Ethics which will take effect from 1 February 2021. The AANA Code of Ethics applies to all advertising in Australia and the review sought to ensure that the Code continued to meet its objective…

1 September , 2020

New rules in WA to keep funds for a future funeral safe

A new mandatory code of practice for Western Australia’s prepaid funeral industry has been approved by the McGowan Government that aims to safeguard the estimated $170 million being held to pay for future funerals. The new code, which comes into effect on March 1, 2021, will ensure that the funds will be managed within secure…

1 September , 2020

Banking Code monitoring body calls for further improvements in breach reporting

In a report released on Monday, the Banking Code Compliance Committee (BCCC) has urged banks to improve their breach reporting to the BCCC. The report summarises banks’ self-reported breach data for the six months that followed their adoption of a revised Banking Code of Practice on 1 July 2019. The report outlines that banks have…

13 July , 2020

New website of the Insurance Brokers Code Compliance Committee links consumers and insurance brokers

A website designed to empower consumers and help insurance brokers improve their service standards has been launched by the independent Insurance Brokers Code Compliance Committee (the Committee) that monitors compliance with the Insurance Brokers Code of Practice (the Code). It is an exciting development for the Committee, which works with consumer groups, regulators and Code subscribers to…

10 July , 2020

BCCC launches vulnerability, inclusivity and accessibility Inquiry

On 6 July 2020, the Banking Code Compliance Committee (BCCC) launched an Inquiry into Code-subscribing banks’ compliance with Part 4 of the Banking Code of Practice (the Code). The obligations under Part 4 of the Code are key consumer protections for disadvantaged customers and are particularly relevant as the community faces heightened challenges due to…

30 June , 2020

Report shows life insurers need a stronger commitment to their Code compliance obligations

A number of life insurers appear not to be taking their obligations under the Life Insurance Code of Practice (the Code) seriously, according to a report released on Friday by the Life Code Compliance Committee (the Committee) – the independent Committee which monitors and enforces industry compliance with the customer service standards set out in…

1 June , 2020

Culture, Leadership and Governance – the crucial elements of ‘Living the Code’ for insurers

Insurers must focus on creating an ethical, consumer-focused culture that is championed by the Board and underpinned by robust governance and business practices if they are to improve their compliance with the General Insurance Code of Practice, according to a report published today by the General Insurance Code Governance Committee. Living the Code: Embedding Code…

17 May , 2020

Consumer groups say a self-regulatory code for Buy Now Pay Later lenders is no substitute for consumer protection in law

Thirteen consumer groups have joined together to provide a submission on the draft Buy Now Pay Later Code of Practice (BNPL code), developed by the Australian Finance Industry Association (AFIA). While noting that industry codes can provide beneficial commitments, the consumer advocates consider inconsistent regulation among buy now pay later products and other consumer credit…

12 May , 2020

Industry Code for Visiting Residential Aged Care Homes during COVID-19

The ‘Industry Code for Visiting Residential Aged Care Homes during COVID-19’ has been released by 13 aged care peak bodies and consumer advocacy organisations. The Code creates a nationally consistent approach that ensures residents can receive visitors while minimising the risk of spreading COVID-19. Click here to download the Code. The Code, a suggestion of…

12 May , 2020

Banking Code: The Compliance Committee’s approach to consumer protection

Many Australians are facing exceptional financial challenges due to the COVID-19 pandemic and are likely to need the support and assistance of their bank to help them deal with its impacts. The 2019 Banking Code of Practice provides safeguards and protections for banks’ individual and small business customers and includes many obligations which require banks…