Individuals experiencing vulnerability asked to complete a survey
The Banking Code Compliance Committee (BCCC) is investigating how banks handle vulnerable customers and is seeking input from individuals who have dealt with banks while experiencing vulnerability.
The BCCC’s inquiry will examine compliance with the Banking Code of Practice’s obligations concerning customer vulnerability, with a particular focus on customer experiences. The code outlines various vulnerability characteristics, including language barriers, socioeconomic constraints, age-related concerns, and health challenges.
“Customers experiencing vulnerability have important needs, and we want to make sure that banks are adequately addressing them,” said Ian Govey, chair of the BCCC. “But to properly examine an issue such as vulnerability, we think it is crucial that we hear directly from the people experiencing vulnerability.”
The Banking Code Compliance Committee wants to hear from customers about dealing with their bank when experiencing vulnerability. This will help them understand what banks are doing well and where they can improve.
— Australian Financial Complaints Authority (@AFCA_org_au) May 15, 2024
Complete the short survey here: https://t.co/qGhlCRYgp7 pic.twitter.com/dJqILfZMW1
The call for customer experiences follows a 2021 BCCC report that found inconsistent progress across the industry, with gaps in staff awareness and service delivery, despite significant investment in this area. The 2021 report made several recommendations to improve practices and facilitate consistency across the industry.
“As two years have passed since we published the report looking into the way banks dealt with vulnerability in customers, we want to examine the progress banks have made,” Govey said. “We hope that hearing directly from customers will provide us with valuable insights that can lead to improvements in the industry.
“Industry-wide improvements to practices will, in turn, lead to banks delivering better outcomes for their thousands of customers experiencing vulnerability.”
The BCCC has made a short survey available to gather input from those who have dealt with a bank while experiencing vulnerability. The survey asks various questions about customers’ interactions with banks during these times. The BCCC encourages anyone experiencing vulnerability to contribute to its inquiry by completing the survey.
The Banking Code Compliance Committee is an independent body responsible for monitoring and enforcing compliance with the Banking Code of Practice. It aims to maintain high industry standards and protect consumers’ interests in the Australian banking sector.
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