Code compliance Archives - Page 12 of 13 - Consumers' Federation of Australia

2 April , 2020

Banking Code Compliance Committee response to bank and customer COVID-19 challenges

The Banking Code Compliance Committee (BCCC) recognises that both Code subscribing banks and their customers are facing unprecedented challenges due to the COVID-19 pandemic. The BCCC welcomes the various initiatives announced by the ABA to assist customers to meet these challenges. It believes that these measures will contribute to the fair treatment of customers. Customers…

4 March , 2020

Banks must be fair, reasonable and ethical in all circumstances

The Banking Code Compliance Committee (BCCC) has published a Guidance Note on clause 10 of the 2019 Banking Code of Practice (the Code). Clause 10 of the Code requires a Code subscribing bank to engage with customers in a fair, reasonable and ethical manner. Clause 10 is one of the Code’s most important obligations and should be embedded within…

2 March , 2020

Revised version of the Banking Code in effect from 1 March 2020

On 17 December 2019, the Australian Banking Association announced a revised version of the Banking Code would take effect from 1 March 2020. The changes to the Code address recommendations from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The changes include: ceasing default interest on…

17 February , 2020

Reforming the new car retail market: Consultation

Car manufacturers, new car dealers and customers now have an opportunity to comment on the draft regulations that introduce changes for the sector under the Franchising Code of Conduct. Minister for Industry, Science and Technology Karen Andrews said the Government is committed to ensuring car dealers are given a fair go and that consumers have…

9 December , 2019

Subscribers to the Customer Owned Banking Code of Practice need to focus on improved customer service delivery

The Customer Owned Banking Code Compliance Committee (the Committee) is pleased to release its Annual Report 2018-19. The Annual Report demonstrates how subscribers to the Customer Owned Banking Code of Practice (the Code) have met their compliance obligations, managed Code breaches and responded to customer complaints throughout the year. It provides an overview of the Committee’s work during…

5 December , 2019

Reports lead to concern about banks’ breach reporting as they transition to the 2019 Code

Two key reports released on Friday by the Banking Code Compliance Committee (BCCC) contain important findings for the industry, including: Significant concerns about the reporting of breaches under the 2013 Code of Banking Practice during 2018-19. Banks will need to continue ongoing efforts in order to meet the BCCC’s expectations and the higher standards of…

29 October , 2019

Review finds insurance brokers need to take their Code obligations more seriously

The Insurance Brokers Code Compliance Committee (the Committee) has released its Annual Review 2018–19. This year’s Annual Review highlights a number of key areas where insurance brokers need to make significant improvements, for the sake of the industry and their clients. A snapshot of the key findings reveals that: The number of self-reported Code breaches increased…

21 October , 2019

General Insurance Code Governance Committee launches website

The Code Governance Committee (the Committee), has launched its website insurancecode.org.au. The Committee’s website is an independent resource for consumers, small business and Code subscribers that will be periodically updated with news about its work and publications. The Committee’s website includes: information about the Committee and what it does, the Code and Code subscribers information…

16 October , 2019

Businesses to display all charges up front

Changes to the Australian Consumer Law will clarify prices for people shopping online. From 26 October 2019, businesses must include all charges in the advertised price of goods and services payable by a consumer. This includes charges for pre-selected options. Currently, a business can advertise a low price; during the buying process, they may add extra…

15 October , 2019

Seeking views from consumers on their experiences relating to product safety

There are thousands of products available in Australia, with each being produced by multiple brands. To ensure that these products work safely, the Australian product safety system relies on the cooperation of consumers, suppliers, and government agencies. More information here. The Commonwealth Treasury is undertaking a consultation on Improving the Effectiveness of the Consumer Product Safety System by…

14 October , 2019

Insurance brokers must do better for consumers when it comes to handling complaints

A report released by the Insurance Brokers Code Compliance Committee (the Committee) has found that insurance brokers who subscribe to the Insurance Brokers Code of Practice (the Code) need to reduce the length of time they take to respond to and resolve complaints if they are to build and maintain consumer trust in the sector.…

20 September , 2019

New Banking Code Compliance Committee open for business

The new Banking Code Compliance Committee (BCCC) will monitor banks’ compliance with the 2019 Banking Code of Practice (the Code). The BCCC will work with banks and stakeholders to ensure that the high standards of service and other promises made to customers through the Code are embedded and adhered to by the 19 banking groups that subscribe…