In July 2021, the Australian Banking Association announced it had commissioned an independent review of the Banking Code of Practice and the review was calling for submissions.
The BCCC made a submission to the Code review on 20 August 2021.
As part of its response to the questions in the Code reviewer’s Consultation Note about its powers and functions, the BCCC has highlighted the need for a single governance document for the BCCC to remove any duplication or confusion about its role and to further increase the transparency of Code administration. The BCCC currently has two governance documents – the Code and the Charter. The BCCC thinks the Code should be the only document that sets out the BCCC’s role and powers.
The submission also contains detailed observations and several recommendations with reference to the issues and questions in the Code reviewer’s Consultation Note.
In particular, the BCCC recommends the introduction of a Code obligation requiring banks to have appropriate infrastructure in place to support an integrated approach to compliance with the Code. The BCCC’s Building Organisational Capability report highlighted that effective employee communication strategies, learning and development programs, systems, processes and technology and a bank’s culture all play a key role in ensuring Code compliance and good customer outcomes.
The submission also notes that, in accordance with the requirement under clause 14.1 of the BCCC Charter, the BCCC has appointed cameron. ralph. khoury to conduct a review of the BCCC that coincides with the review of the Code. Further information about the BCCC review is available on its website and the BCCC reviewer’s website – https://bcccreview.crkhoury.com.au.
Download the BCCC’s submission to read more.