This week the Banking Code Compliance Committee (BCCC) published its latest report on compliance with the Banking Code of Practice, examining the January to June 2024 reporting period.
This edition of the report highlights an increase in breaches of key obligations, reflecting both improved monitoring efforts from banks as well as ongoing challenges with compliance.
The report underscores the need for banks to strengthen oversight and processes to better support customers, particularly customers experiencing vulnerability and financial difficulty.
The report looks at the performance of the industry across all parts of the Code and focuses on areas of improvement, emerging trends and issues, and results of particular concern. It is based on analysis of the data submitted by banks in their biannual Compliance Statements.
About us:
The BCCC’s purpose is to monitor and drive best practice Code compliance.
To do this, the BCCC:
- examines banks’ practices
- identifies current and emerging industry wide problems
- recommends improvements to bank practices
- sanctions banks for serious compliance failures, and
- consults and keeps stakeholders and the public informed.
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