The Banking Code Compliance Committee (BCCC) has today welcomed the release of the Final Report of the Independent Review of the BCCC, conducted by Mr. Phil Khoury of cameron. ralph. khoury.
Ian Govey AM, Independent Chair of the BCCC thanked Mr Phil Khoury and his team for their work on the Review and said the BCCC is encouraged by the Final Report and committed to further improvement.
“We are very pleased the Report notes the respect stakeholders have for the role of the BCCC, including highlighting the importance of Code compliance to banks and providing the Australian community with valuable assurance of the level of compliance,” Mr Govey said.
The Report found that whilst the environment in which the BCCC operates is continuing to change quite dramatically, in general, banks were much more aware of and committed to the Code and the work of the BCCC.
The report makes 19 recommendations to improve the performance of the BCCC, including more timely reporting and improved data collection and analysis.
The BCCC will carefully consider the recommendations before responding in detail, but believes the report will make a valuable contribution to improving its role and effectiveness.
The final Banking Code Compliance Committee Review Report can be downloaded here.
The release of this Report coincides with the release of the Final Report into the Independent Review of the Banking Code of Practice, by Mike Callaghan.
Chief Executive Officer
Banking Code Compliance Committee
Further information about the Banking Code Compliance Committee is available on its website – bankingcode.org.au