Report showcases outcomes of its key inquiry in the 2022-23 year
The Banking Code Compliance Committee (BCCC), whose purpose is to monitor and drive best practice compliance with the Code of Practice, has released its annual report, which highlighted the important role the committee plays in holding banks to account and improving industry practices.
The annual report showcased the outcomes of BCCC’s key inquiry into the management of deceased estates, which revealed the poor practices and serious issues where banks fell short of their obligations, as well as the committee’s work on the follow-up inquiry into guarantees.
The report also showed that over the 2022-23 year, the committee has worked through 98 allegations of breaches, finalised 79 assessments, and commenced four investigations.
BCCC Chair Ian Govey (pictured above) contemplated the impacts of BCCC’s work 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,” 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.”
In a statement, BCCC said underpinning the success of its work was its collaborative approach and commitment to improving its own processes and practices.
The annual report revealed the progress BCCC has made in carrying out the review recommendations into its operations.
“We recognise the importance of continuous improvement for ourselves too,” Govey said. “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.
“By enhancing our own processes, we are able to work more effectively with banks to pursue the improvements that lead to good customer outcomes.”
BCCC’s annual report also outlined its priorities for the upcoming year.
Publications will be released to provide important insights into banking industry practices and present recommendations for banks. The committee also plans to further enhance its data collection and compliance statements, for 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.” 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.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
