The importance of our work was exemplified in 2022-23 with the report of our inquiry into management of deceased estates.
It was a huge achievement and a vital reminder of the impact of banking practices on the lives of everyday people.
Revealing serious issues and highlighting where banks fell short of obligations, the inquiry and resulting report shone a light on poor practices and has since been a catalyst for change in the industry.
Importantly, it received extensive coverage and elicited commitments from banks to improve, emphasising the benefits of the Code and our work monitoring compliance.
Our work cannot succeed without effective engagement and collaboration across the industry, and 2022-23 was testament to benefits of this.
The BCCC Forum brought together a range of people and perspectives to critically examine issues and discuss solutions, which offered valuable insights for us.
And our Small Business Workshop, which looked at issues of financial difficulty, emphasised the value of collaboration: diverse perspectives can open up thinking and spark ideas that lead to .
Meeting stakeholders in person and discussing the issues that keep us all energised is always a useful and productive experience.
Our own improvement was a key focus in 2022-23 as we worked on the recommendations from the independent review of the BCCC.
These efforts will lead to better reporting from banks, more useful information for the industry and public and, ultimately, improvements that will ensure better outcomes for consumers.
I want to thank my fellow Committee members, Anne O’Donnell and Cat Newton, for their expertise and support throughout 2022-23. I would also like to thank the ABA, banks, consumer groups, and regulators for their support and productive working relationships.
The Board of the Australian Financial Complaints Authority (AFCA) and the CEO and Chief Ombudsman, David Locke, deserve special mention for their continued support.
Finally, I would like to thank the Code Team for the continued hard work and commitment. Our progress in 2022-23 was not possible without our dedicated staff.
Having been recently reappointed as Independent Chairperson for a second term, I am excited about the opportunity to further encourage banks to adopt better practices, address non-compliance and deliver quality outcomes for the millions that rely on the services of the banking industry.
Ian Govey AM
Banking Code Compliance Committee