Skip to content
Banking, Finance Investment

Major improvements showcased in BCCC Annual Report

Banking Code Compliance Committee (BCCC) 2 mins read

In its Annual Report published today, the Banking Code Compliance Committee (BCCC) has highlighted its role in shaping improvements in the banking industry in the past 12 months.

The report showcases the outcomes of the key inquiry into the management of deceased estates and the work on the follow-up inquiry into guarantees, emphasising the important role it plays in holding banks to account and improving industry practices.

In addition to its extensive inquiries, the BCCC worked through 98 allegations of breaches, finalised 79 assessments and commenced 4 investigations.

Chair of the BCCC, Mr Ian Govey AM, reflected on the BCCC’s impact 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,” Mr 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.”

Underpinning the success of the BCCC’s work was its collaborative approach and commitment improving its own processes and practices.

The Annual Report reveals the significant strides it has made in implementing the recommendations of the review into its operations.

Mr Govey expressed pride at the progress the BCCC had made: “We recognise the importance of continuous improvement for ourselves too. 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,” he stated.

“By enhancing our own processes, we are able to work more effectively with banks to pursue the improvements that lead to good customer outcomes.”

The BCCC’s Annual Report offers a look into the priorities for the upcoming year.

Anticipated publications will provide important insights into industry practices and present recommendations for banks. The BCCC also aims to further enhance its data collection and Compliance Statements, which will lead to 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.” Mr 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.


About us:

The BCCC’s purpose is to monitor and drive best practice compliance with the Code of Practice.

To do so, it examines banks’ practices, identifies current and emerging industry-wide problems, recommends improvements, sanctions banks for serious compliance failures, and consults and keeps stakeholders and the public informed.


Contact details:

media@codecompliance.org.au

More from this category

  • Business Company News, Finance Investment
  • 28/11/2023
  • 11:18
Money Transfer Comparison

STORY: 1 in 2 SMEs choose credit cards for big international purchases – wasting hundreds on fees

MEDIA RELEASE28 November 2023 1 in 2 SMEs choose credit cards for big international purchases – wasting hundreds on fees 49% of SMEs use…

  • Contains:
  • Finance Investment, Oil Mining Resources
  • 28/11/2023
  • 10:15
Queensland Pacific Metals Ltd (ASX:QPM)

Queensland Pacific Metals (ASX:QPM) – QPM Energy Moranbah Project Operating Update

Queensland Pacific Metals Ltd (ASX:QPM), a leader in the metals and mining sector, is proud to announce a series of significant achievements and future plans for its wholly owned subsidiary, QPM Energy (“QPME”), in relation to the Moranbah Project. Key Highlights: Exceptional Safety Record: QPME has achieved a remarkable milestone in its operations with no lost time injuries, underscoring its commitment to safety and operational excellence. Increased Production Capacity: The company has successfully increased its production from 22.9TJ per day to approximately 27TJ per day, marking a significant step in its growth trajectory. Expansion at Townsville Power Station: The growing…

  • Contains:
  • Finance Investment, Oil Mining Resources
  • 28/11/2023
  • 09:51
Challenger Gold (ASX: CEL)

Challenger Gold (ASX: CEL) Appointment of Argentinian Based Director

Challenger Gold (ASX: CEL) (“CEL” or the “Company”) is excited to announce the appointment of Dr. Sonia Delgado as the new Director of the Company. This strategic appointment marks a significant step in the Company's commitment to sustainable and responsible mining practices. Dr. Sonia Delgado, a distinguished professional with a rich background in both the legal and mining sectors, brings a wealth of experience to Challenger Gold. A graduate with honours in law and holding a Master’s degree in labour law, Dr. Delgado has been a prominent figure in the Argentinian legal and mining landscapes. Since 2004, she has successfully…

  • Contains:

Media Outreach made fast, easy, simple.

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