The BCCC’s 2023-24 Business Plan sets out the priority areas and activities we will undertake to meet the objectives in the BCCC’s 2021-24 Strategic Plan.
We take 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, but these may be subject to change. The Business Plan will be regularly reviewed and revised where necessary, to ensure that we are focusing on the most important issues.
Monitoring activities and priorities
In addition to delivering our standard, cyclical compliance monitoring program, we will focus on:
- engagement and preparation for the proposed transition to the new Banking Code of Practice
- a new inquiry on obligations regarding financial difficulty, and preparedness of banks to deal with hardship requests from individuals and small business customers
- finalising work commenced in 2022-23 targeting specific vulnerability and accessibility risks, as part of our follow up to the original inquiry on compliance with Part 4 obligations, including financial abuse, and acceptance of third-party authorities to address barriers and improve outcomes for customers
- keeping a watching brief on key areas of interest, including compliance with Code obligations for banking services offered through Bank@Post, and compliance with direct debit Code obligations including consideration of banks’ implementation of PayTo.
Read our 2023-24 Business Plan.