In May 2020, the BCCC commenced targeted inquiry CX6933 into ME Bank’s decision to adjust redraw amounts on some legacy home loan accounts, as a result of three Code breach allegations it received from customers.
The BCCC found that ME Bank breached the following Code obligations:
- clause 17 (timely, clear and useful communication), and
- clause 10 (fair and reasonable conduct).
The BCCC found that the bank’s breach of:
- clause 17 is systemic, and
- clause 10 is both systemic and serious.
The BCCC has publicly named ME Bank on its website for non-compliance with the Code.
Download the Finding to read about the key issues and reasons for the Finding.