1 April 2020
The Banking Code Compliance Committee (BCCC) recognises that both Code subscribing banks and their customers are facing unprecedented challenges due to the COVID-19 pandemic.
The BCCC welcomes the various initiatives announced by the ABA to assist customers to meet these challenges. It believes that these measures will contribute to the fair treatment of customers.
Customers and small businesses will be under considerable pressure and banks should continue to afford them appropriate protections under the Code. In particular, banks should remain mindful of their obligations under clause 10 of the Banking Code to engage with customers in a fair, reasonable and ethical manner.
The difficult circumstances banks are facing in meeting the needs of customers at the same time as managing alternative staffing arrangements may impact the ability of banks to meet BCCC requests. In light of this, the BCCC will re-prioritise some planned monitoring activities to ensure banks can direct their resources towards assisting customers in need and will sympathetically consider requests for relief from BCCC obligations.
The BCCC will ensure that its work is focused on the most important issues, including matters related to these current challenges.
To find out more about the BCCC, including its Guidance Note on fair, reasonable and ethical behaviour please visit its website – bankingcode.org.au.
Further information:
Sally Davis
Chief Executive Officer
Banking Code Compliance Committee