The Code Compliance Monitoring Committee
On 1 July 2019, the Banking Code Compliance Committee (BCCC) replaced the Code Compliance Monitoring Committee (CCMC) as the monitoring body for the Banking Code of Practice.
The Code of Banking Practice (2013 Code) was published by the Australian Banking Association (ABA) on 31 January 2013. The 2013 Code came into operation on 1 February 2014 and applied until 30 June 2019.
The CCMC was established under section 36 of the 2013 Code. The powers and functions of the CCMC were set out in its Mandate, which was published as part of the 2013 Code.
Under the CCMC mandate, the CCMC’s role was to:
- monitor code-subscribing banks’ compliance with the 2013 Code
- investigate allegations that a code-subscribing bank breached the 2013 Code, and
- monitor any other aspects of the 2013 Code that were referred to the CCMC by the ABA.
Following an independent review of the 2013 Code commissioned by the ABA, the Code was rewritten and became the Banking Code of Practice, approved by ASIC on 25 June 2019, and coming into effect on 1 July 2019.
The Banking Code established the BCCC as the Code’s monitoring body and the CCMC transitioned to the BCCC. The BCCC has the power to monitor compliance with the 2004 and 2013 versions of the Code, that were previously monitored by the CCMC.
Some important work undertaken by the CCMC included its Inquiry into Financial Difficulty, with the report published in November 2018, an Inquiry into Breach Reporting with the report published in June 2018, and the CCMC’s Report into banks’ compliance with direct debit cancellation obligations, published in October 2017.
To view the full body of the CCMC’s work, refer to the CCMC Archive where copies of the CCMC’s reports are available.
The CCMC’s old website – www.ccmc.org.au – now redirects to this page.