The BCCC’s 2021–22 Business Plan sets out the priority areas and activities it will undertake to meet the objectives in the Strategic Plan.
The BCCC takes a risk-based approach to monitoring banks’ compliance with the Code and aims to operate in an agile manner so that the highest priority work is always completed first. As such, the priority areas and activities listed in the Business Plan represent the likely tasks that will be completed by the BCCC, but these may be subject to change. The Business Plan will be regularly reviewed and revised where necessary, to ensure that the BCCC is focusing on the most important issues.
The BCCC has published Operating Procedures which provide guidance about how the BCCC conducts its monitoring activities. The activities are determined with reference to its Code Monitoring Priority Framework. The nature, number and scope of the monitoring activities conducted will have regard to the priorities identified and level of concern about individual matters under examination. The BCCC is likely to conduct up to two major inquiries and ten targeted inquiries or investigations at any given time.
The following represent the priority areas that the BCCC will likely focus on in 2021–22:
- Challenges caused by the COVID-19 pandemic, including financial difficulty
- Customers experiencing vulnerability
- Small business and farming customers
- Banks’ organisational capability to comply with the Code
- Deceased estates
- Banks’ communications with customers and provision of information
Download the full 2021-22 Business Plan for further information.