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 three of its business units’ compliance with the 2013 Banking Code of Practice (2013 Code).
Following the completion of the Audit, the BCCC issued a Notice of Proposed Finding (Notice) to the Bank. The Notice was prepared with reference to the Audit Report findings and the Bank was provided an opportunity to respond to the BCCC’s proposed findings.
The BCCC found that the Bank breached their 2013 Code obligations.
Download the Finding to read about the key issues and reasons for the Finding.