The Banking Code Compliance Committee (BCCC) has highlighted how new reporting requirements are strengthening oversight and supporting better outcomes for customers.
In its Compliance Statement report published today – the first one under the 2025 Code – the BCCC outlines how changes to reporting are providing clearer insights into breaches of the Code that have the greatest impact on customers.
Banks now report breaches at a more detailed level.
Alongside clearer reporting thresholds, this shift in reporting allows the BCCC to better identify the breaches that affect large numbers of customers or result in significant financial impact.
Chair of the BCCC, Ian Govey AM, said the enhanced approach establishes a stronger baseline for identifying emerging risks and patterns over time.
“We now have greater visibility of where customer detriment is occurring, how banks are responding, and whether banks are addressing issues in a way that reduces the risk of recurrence,” Mr Govey said.
“This creates a more informative and consistent foundation for closer scrutiny and continuous improvement across the industry.”
The report highlights the value of identifying breaches early through strong internal controls, including internal monitoring, staff escalation and quality assurance processes.
“When banks detect issues early, both customers and banks benefit from earlier resolution and more contained impacts,” Mr Govey said.
“These proactive approaches support timely remediation and reinforce stronger compliance practices.”
The report also notes that responsible lending remains a key focus area given its complexity and importance in supporting customers.
“While staff training is often an important response, strengthening the underlying systems and controls is critical to ensuring consistent and sustainable compliance,” Mr Govey said.
The BCCC will use insights from the data to provide targeted feedback to banks and encourage improvements in areas with the greatest potential to improve customer outcomes.
Read the Compliance Statement Report (March - June 2025).
About us:
The purpose of the BCCC is to monitor and drive best practice Code compliance.
To do this, it:
- 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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