Skip to content
Banking, Finance Investment

COBCCC delivers improvements for customers, but reporting practices still a concern

Customer Owned Banking Code Compliance Committee 2 mins read

In its Annual Report, the Customer Owned Banking Code Compliance Committee (COBCCC) has highlighted the activities it has undertaken during the year to enhance accountability within the customer owned banking sector, leading to better customer outcomes.

The report noted that new challenges have prompted customer owned banking institutions to increase focus on vulnerable customers and the ways to support them.

Chair of the COBCCC, Jocelyn Furlan, said that the Committee’s work was having a positive impact on how customer owned banking institutions undertook their work.

“By shining a light on practices and issues, we present customer owned banking institutions with opportunities to improve and deliver better outcomes for customers,” Ms Furlan said.

“Escalating living costs, inflation, and the impact of natural disasters have intensified financial pressures, underlining the importance of support for customers.”

A key change for the sector in the 2022-23 reporting period was the introduction of an updated version of the Customer Owned Banking Code of Practice.

Implementing the 2022 Code, with its increased focus on vulnerable customers, was a key pillar of the Committee’s work during the year.

Encouragingly, the report found that there was a general level of preparedness within the industry for the adoption and implementation of the updated Code.

Of concern, the report found that there was still significant work to be done in other areas, with many customer owned banking institutions again reporting zero or very small numbers of breaches and complaints.

Ms Furlan urged these firms to improve their recording and reporting practices.

“This is becoming a concerning trend,” Ms Furlan said. “It is important to be able to identify, report and learn from issues that arise from time to time.

“Collecting quality data and reporting breaches is fundamental and a strong indicator of effective compliance frameworks and risk management in a customer owned banking institution.”

Ms Furlan emphasised that the effectiveness of the Code hinges on institutions identifying, reporting and addressing breaches swiftly.

“The COBCCCs is committed to working with institutions over the coming year to improve this area of performance with the ultimate goal of creating better outcomes for customers”.

Read the full Annual Report on the COBCCC’s website.

About us:

Building trust in customer owned banking

The Customer Owned Banking Code Compliance Committee monitors compliance with the Customer Owned Banking Code of Practice to help drive best practice and improve consumer outcomes.

More from this category

  • Banking
  • 25/06/2024
  • 09:53
Banking Code Compliance Committee (BCCC)

Westpac Sanctioned for Serious and Systemic Breaches of the Banking Code of Practice

The Banking Code Compliance Committee (BCCC) has sanctioned Westpac Bank for serious and systemic breaches of the Banking Code of Practice (the Banking Code) after it failed to provide adequate support to customers following the closure of its branch in Tennant Creek, Northern Territory. The BCCC's investigation revealed that Westpac did not comply with its obligations under the Banking Code and the Australian Banking Association's (ABA) Branch Closure Protocol when it closed its Tennant Creek branch in September 2022. The findings show that Westpac needed to do much more to support customers to transition to other ways of banking, engage…

  • Finance Investment
  • 24/06/2024
  • 20:37
Hut 8 Corp.

Hut 8 Announces $150 Million Strategic Investment from Coatue to Partner in Building Next Generation AI Infrastructure Platform

Funding will accelerate growth in Hut 8’s data center portfolioReinforces Hut 8’s position as a market leader in sourcing, developing, and operating energy infrastructureMIAMI, June 24, 2024 (GLOBE NEWSWIRE) -- Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), a leading, vertically integrated operator of large-scale energy infrastructure and one of North America’s largest Bitcoin miners, today announced that it has entered into a definitive agreement with a fund managed by Coatue Management, L.L.C. (“Coatue”) pursuant to which Coatue has agreed to invest $150 million into the Company through a convertible note (the “Note”).“We are committed to supporting…

  • Finance Investment
  • 21/06/2024
  • 19:52
BTCC Exchange

BTCC Exchange Celebrates 13 Years with Major Milestones and Exciting New Features

VILNIUS, Lithuania, June 21, 2024 (GLOBE NEWSWIRE) -- BTCC Exchange, a leading global cryptocurrency platform, proudly celebrates its 13th anniversary this June, marking over a decade of innovation and commitment to the community. The exchange has achieved major milestones in registered users and trading volume and has new features in store for its users.A Media Snippet accompanying this announcement is available by clicking on this linkIn its 13th year, BTCC reached significant milestones, witnessing its 4th Bitcoin halving with futures trading volume hitting 16.2 billion USDT on April 20, 2024, from a total registered user base of 2.8 million. To…

Media Outreach made fast, easy, simple.

Feature your press release on Medianet's News Hub every time you distribute with Medianet. Pay per release or save with a subscription.