The Banking Code Compliance Committee (BCCC) is pleased to announce the release of the Final Report of the Independent Review of the BCCC.
The BCCC’s response to the Independent Review can be found here.
This review of the BCCC was undertaken in accordance with clause 14.1 of its Charter. The BCCC is required to arrange a periodic review of its activities, coinciding with the periodic review of the Banking Code of Practice by the Australian Banking Association (ABA).
On 6 July 2021, the ABA announced Mr Mike Callaghan AM PSM is conducting the Banking Code review. The Final Report of the Independent Review of the Banking Code of Practice 2021 was published on 3 December 2021.
The BCCC appointed Mr Phil Khoury, of cameron. ralph. khoury, to conduct the review of the BCCC. Mr Khoury and his team have extensive experience with self-regulatory codes across several sectors and is a former independent reviewer of the Banking Code and its compliance committee.
The BCCC welcomes the release of the Final Report of the Independent Review of the BCCC, conducted by Mr Phil Khoury of cameron. ralph. khoury.
The Report notes the valuable role the BCCC plays in highlighting the importance of Code compliance to banks and providing the Australian community with assurance of the level of compliance.
The report makes 19 recommendations to improve the performance of the BCCC. The BCCC is carefully considering these recommendations.
Further information and updates
BCCC review website – https://bcccreview.crkhoury.com.au/
BCCC Media release – Independent review of the Banking Code Compliance Committee commences – 2 August 2021
Terms of Reference – BCCC review Terms of Reference
BCCC Banking Code review submission – BCCC submission to Banking Code review – 20 August 2021
BCCC review – Interim Report – 24 September 2021
BCCC review – Final Report – 13 December 2021
|Complete Review process||
31 October 2021
30 November 2021
|BCCC response to the Review||
31 March 2022
About the Independent Reviewer
Phil Khoury is the principal of cameron. ralph. khoury. He is a former financial services regulator (ex-ASIC) and for the past 22 years, has been a consultant working in governance effectiveness and in regulatory and self-regulatory advice. Phil has conducted numerous independent reviews of external disputes resolutions services, voluntary codes of conduct and disciplinary bodies including in the financial sector, in telecommunications, energy and water and in international aid. In 2016 Phil undertook a review of both the Code of Banking Practice for the Australian Bankers’ Association and the Code Compliance Monitoring Committee (the predecessor to the BCCC).
While Phil will be conducting the review himself, he will also be supported by staff from cameron. ralph. khoury.