The Banking and Customer Owned Banking Code Compliance Committees have highlighted the progress banks have made to ensure the services delivered through Bank@Post comply with their Codes of Practice.
In a report published today, the two committees outline the findings from their joint review of actions banks have taken on Bank@Post service to improve their compliance with Code commitments.
Chair of the Banking Code Compliance Committee, Ian Govey AM, noted that banks have made important progress, including clearer information on their websites to help customers understand their rights and complaint options.
“We have seen some positive steps from banks to strengthen oversight of their Bank@Post services,” Mr Govey said.
“Our review turned up examples of good practices examples where banks have gone beyond minimum requirements. This shows commitment to better customer outcomes.
“But more work is needed, particularly in making sure banks support customers experiencing vulnerability.”
Of the actions proposed by banks to improve Code compliance for Bank@Post services, significant aspects remain outstanding.
Banks are yet to make meaningful progress to close compliance gaps on connecting customers experiencing vulnerability to the appropriate support within their bank and ensuring Bank@Post staff training meets requirements of the Codes.
Chair of the Customer Owned Banking Code Compliance Committee, Danielle Press highlighted the importance of connecting customers to support.
“When people experiencing vulnerability express a need for support, it is crucial that Bank@Post offers a referral to someone in the bank that can help. Simply providing general contact details is not enough,” Ms Press said.
“We would like to see banks improve in this area to ensure they are providing meaningful support for their customers that use Bank@Post.”
The report emphasises the crucial role that the Bank@Post service plays for thousands of people all over Australia.
“Bank@Post is a vital service for people who may not have other access to face-to-face banking,” Mr Govey said.
“Banks need to ensure that this vital service meets the standards outlined in the Code.”
Ms Press reiterated the importance of banks following through on proposed actions to improve compliance of the service.
“It is critical that banks continue to work on the actions that will strengthen Code compliance for Bank@Post services,” she said.
“With many people relying on the service, and transactions increasing in recent years, ensuring Code compliance is crucial for customer protections.”
Read the report: Code Compliance in Bank@Post Service
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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