Banks have made meaningful improvements in supporting vulnerable and diverse customers following recommendations from the Banking Code Compliance Committee (BCCC) in its 2021 report on inclusivity and accessibility.
The BCCC recently concluded a follow-up inquiry that evaluated banks’ progress in adopting key recommendations from the original report of 2021 and has published the findings in its latest report, Inclusivity, accessibility and vulnerability follow-up report.
The inquiry found that banks have enhanced their policies, procedures, and staff training to better meet the needs of customers requiring additional care or tailored support.
Chair of the BCCC Ian Govey AM commended the efforts of the banks.
“It is pleasing to see that banks have improved support for vulnerable customers. By strengthening internal frameworks and removing barriers to access, banks are taking steps to ensure fair outcomes,” Mr Govey said.
The follow-up report highlights key improvements, including removing barriers to appoint third-party authorities such as financial counsellors to act on behalf of customers. The report also emphasises the importance of embedding changes into day-to-day practices through measures such as reviews and quality assurance processes.
“Banks must ensure these improvements continue to deliver tangible outcomes for customers. Proactive monitoring and staff engagement are key to achieving this,” Mr Govey said.
The BCCC also identified areas where further work is needed, including considering customer vulnerability at the point of product design, providing accessible information for customers with limited English, and consistently responding promptly to requests from third-party representatives.
“Banks must continue to improve and develop their practices in this area,” Mr. Govey added.
“The evolving financial landscape coupled with community expectations demands ongoing attention to inclusivity and accessibility. It is not about meeting base level standards – banks should strive to be at the forefront and lead by example.”
The BCCC encourages banks to consider the recommendations and good practice examples in its follow-up report to identify further opportunities to improve practices.
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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