The latest Annual Report of the Customer Owned Banking Code Compliance Committee (COBCCC) has highlighted efforts to improve breach and complaints reporting by customer-owned banks.
The COBCCC's report reveals that the number of customer-owned banks reporting zero breaches significantly decreased from 13 in 2022-23 to just four in 2023-24.
Chair of the COBCCC, Jocelyn Furlan, stated that while this is a positive trend, there is still considerable work to be done.
“Our efforts have made a tangible impact on the ease and effectiveness of breach identification and reporting,” Ms. Furlan said. “However, we recognise there is still more to be done to assist customer-owned banks in providing accurate and complete data.”
In 2023-24, the COBCCC also focused on improving data reporting processes, making it simpler for customer-owned banks to report and submit their statements. This enhancement has been a critical step in ensuring better compliance and transparency within the industry.
“We have made it easier for customer-owned banks to report and submit their statements, which is crucial for maintaining high standards of compliance,” Ms. Furlan added. “Effective frameworks are essential to ensure breaches are recorded, analysed, and remedied, thereby reducing harm to customers.”
Looking ahead, the COBCCC will continue to prioritise non-compliance issues that have the greatest impact on customers, particularly people who are experiencing vulnerability or financial hardship. The Committee plans to refine its approach to inquiries and investigations to ensure it targets the most serious matters.
“We will focus on improving data quality and refining our approaches to monitoring compliance with the Code,” Ms. Furlan said. “Our priorities will be on non-compliance that poses significant risks to customers, especially the most vulnerable.”
The COBCCC remains committed to driving improvement across the industry through education, guidance, sharing good practices, and undertaking assurance work, to assist customer-owned banks meet their obligations under the Customer Owned Banking Code and better serve customers, deliver better outcomes and maintain consumer trust.
About us:
The Customer Owned Banking Code Compliance Committee is an independent body that monitors compliance with the Customer Owned Banking Code of Practice. Our purpose is to ensure consistent and high-quality service standards are maintained for the benefit of customers.
Contact details:
media@codecompliance.org.au
