But there's still room for improvement, says COBCCC chair
The Customer Owned Banking Code Compliance Committee (COBCCC) has reported improvements in breach and complaints reporting among customer-owned banks, according to its latest annual report.
The report highlighted a significant drop in the number of institutions reporting zero breaches, from 13 in 2022-23 to just four in 2023-24.
COBCCC chair Jocelyn Furlan (pictured above) said the change reflected progress, but noted there was still room for improvement.
“Our efforts have made a tangible impact on the ease and effectiveness of breach identification and reporting,” Furlan said. “However, we recognise there is still more to be done to assist customer-owned banks in providing accurate and complete data.”
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In 2023-24, the COBCCC focused on streamlining the data reporting process, making it simpler for banks to submit their statements. This move is seen as a key step in ensuring better compliance and transparency within the sector.
“We have made it easier for customer-owned banks to report and submit their statements, which is crucial for maintaining high standards of compliance,” Furlan added. “Effective frameworks are essential to ensure breaches are recorded, analysed, and remedied, reducing harm to customers.”
The committee plans to continue prioritising non-compliance issues that pose the greatest risk to customers, particularly those in vulnerable situations or facing financial hardship. It aims to refine its investigation processes to focus on the most serious breaches.
“We will focus on improving data quality and refining our approaches to monitoring compliance with the Code,” Furlan said. “Our priorities will be on non-compliance that poses significant risks to customers, especially the most vulnerable.”
The COBCCC, an independent body that monitors adherence to the Customer Owned Banking Code of Practice, reiterated its commitment to supporting customer-owned banks through education, guidance, and assurance work.
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