The Banking Code Compliance Committee’s (BCCC) Inquiry into Code-subscribing banks’ compliance with Chapter 45 of the Banking Code of Practice (the Code) is one of its current major monitoring activities. The obligations under Chapter 45 of the Code are key consumer protections for the representatives and next of kin of deceased customers.

The Inquiry scope gives a general overview of the areas that will be covered in the Inquiry.

The Inquiry will cover how banks comply with their obligations under Chapter 45 throughout the entire process of managing the accounts of a deceased customer, including, but not limited to:

  • Treating customers’ representatives and next of kin with respect and compassion
  • Providing clear and accessible information on how to manage a deceased customer’s account
  • Identifying and ceasing the charging of fees for banking services that are no longer to be provided to a deceased customer
  • Acting on instructions from a customer’s representative within 14 days of receipt of those instructions
  • Providing information about a deceased customer’s accounts to their representative or next of kin prior to the grant of probate or letters of administration
  • Accepting payments on debts owed by a deceased customer from their representative or next of kin prior to the grant of probate or letters of administration
  • Allowing customers with joint accounts to continue to operate said accounts in the event of the death of their fellow joint account holder

The scope of the Inquiry will cover banks’ internal frameworks and organisational capability to support compliance with Chapter 45 of the Code, including staff training, systems, procedures and monitoring of customer outcomes.

The BCCC will be collecting information from a limited sample of six banks in two separate tranches over the course of the next nine months.

It also invites those who have acted as the representative or next of kin of a deceased customer, or their representatives, to engage with us throughout the Inquiry – to share any insights, case studies, areas of concern or examples of good practice.

The BCCC welcomes input from interested parties and can be contacted by email at: [email protected].

Final Report

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.