The Banking Code Compliance Committee (BCCC) required the Code-subscribing Bank subject to this targeted inquiry (Bank) to undertake an external investigatory audit (Audit) into its compliance with the guarantee provisions of the 2004 and 2013 Banking Codes of Practice (Code).

Following the completion of the Audit review, the BCCC issued a Notice of Proposed Finding (Notice) to the Bank. The Notice was prepared with reference to the Audit findings and the Bank was provided an opportunity to respond to the BCCC’s proposed findings.

Having considered the Bank’s response, the BCCC issues this Finding in accordance with clause 6 of the BCCC Charter and Section 3 of its Operating Procedures.

The BCCC found that the Bank breached their 2013 Code obligations and the equivalent provisions under the 2004 Code.

Download the Finding to read about the key issues and reasons for the Finding.