The loss of a loved one is a sad and potentially stressful time for people, and an independent body monitoring bank behaviour wants to hear from consumers about their experiences when working with banks to settle financial affairs.
The Banking Code Compliance Committee (BCCC) today launched a consumer survey to better understand how banks are meeting their obligations around deceased estates.
“We appreciate this can be a very difficult time for bank customers,” says the Committee’s Chief Executive, Prue Monument. “Consumer feedback will give us insights into real customer experience and help us identify what banks are doing well and where there are areas for improvement when helping with deceased estates.”
The BCCC began an inquiry in 2021 into banks’ compliance with Chapter 45 of the Banking Code of Practice: Helping with Deceased Estates.
“The purpose of our Inquiry is to monitor and encourage good practice compliance with the Banking Code and improve outcomes for consumers during an emotional and stressful time,” Ms Monument said.
Chapter 45 promises that banks will treat a deceased person’s representative with respect and compassion and provide clear and accessible information on what they can do to manage accounts. It sets out steps banks will take to help manage deceased estates.
More information about the BCCC Deceased Estates Inquiry is available here.
Consumers can access the survey here (the survey has closed).
About the Banking Code of Compliance Committee (BCCC)
Codes of practice set standards of good industry practice for financial firms when dealing with current or potential customers. The BCCC is an independent committee that monitors and drive best practice compliance with the Banking Code of Practice. The BCCC examines banks’ practices, identifies current and emerging industry-wide problems, recommends improvements to practice, sanctions banks for serious compliance failures, and keeps stakeholders and the public informed.
The BCCC published the findings of our inquiry into the practices of six banks in managing the estates of deceased customers in June 2023. It is available here.