The Banking Code Compliance Committee’s monitoring of the banking industry has seen both strengthened practices across the sector and targeted action to address poor practices.
Releasing its 2024-25 Annual Report today, the BCCC said its work had delivered tangible improvements in how banks serve their customers, particularly people experiencing vulnerability.
Chair of the BCCC, Ian Govey AM, reiterated the role of the BCCC to support industry in lifting standards to ensure fair treatment of customers.
“We took clear, targeted action against poor practices and we saw important improvements as a result,” Mr Govey said.
The BCCC concluded its investigations into banks managing deceased estates, uncovering breaches of the Code and detriment to families. The investigations led to three sanctions and secured more than $4 million in customer remediation.
It also returned to its 2021 inquiry into inclusivity, accessibility and vulnerability to assess whether banks had acted on its recommendations. The BCCC found that there was stronger internal oversight among banks, improved staff capability, and clearer pathways for customers needing extra support.
Mr Govey welcomed the improvements that banks demonstrated in the follow-up inquiry.
“We were pleased to see banks take this seriously, from executive-level governance to day-to-day practice,” he said.
“These actions are crucial for Code compliance, and they reflect industry’s desire to do the right thing by people who need help the most.”
With a new iteration of the Banking Code and a new Charter in 2025, the BCCC launched an improved breach reporting model focused on high-risk issues, enabling smarter, more targeted oversight.
“Our data collection has improved and gives us a sharper picture of risks and issues in the industry,” Mr Govey said.
“This will help us focus our efforts and identify the areas in which banks need to improve.”
Looking to the year ahead, the BCCC will report on its inquiries into branch closures as well as Bank@Post arrangements.
Mr Govey promoted the work of the BCCC for the 2024-25 year with a reminder of the Committee’s purpose.
“This year has seen some real progress and important developments. We measure our success in outcomes — for customers, for compliance, and for better banking practices.
“And we look forward to working with industry to support stronger practices in the coming year.”
Read the BCCC's 2024–25 Annual Report.
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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