Overview

Code:    Banking Code of Practice – the Inquiry will cover the period from 1 July 2019

Type:     Major Inquiry

Status:  In progress

Summary

On 10 July 2020, the Banking Code Compliance Committee (BCCC) announced it has started an Inquiry into Code-subscribing banks’ compliance with Part 4 of the Banking Code of Practice.

The BCCC’s Inquiry scope document provides background information and an overview of the areas that will be covered in the Inquiry.

The Inquiry will examine how banks consider inclusivity, accessibility and vulnerability throughout the entire consumer and small business banking experience.

The scope will include, but is not limited to, the following Code requirements, banking services and issues:

  • Chapters 14 to 16:
    • inclusivity and accessibility
    • vulnerability
    • low income earners
    • basic, low or no fee accounts
  • Financial difficulty assistance
  • Internal and external dispute resolution
  • The Code of Operation: Recovery of Debts
  • Digital channels and customer service
  • Third party distribution channels, including brokers
  • Co-borrower arrangements
  • Authorised third parties (including Powers of Attorney)
  • Debt sale and mortgage enforcement

The Inquiry will also consider banks’ internal frameworks to build organisation capability and support staff to comply with the Code, including systems, data analytics and measuring good customer outcomes.

Timeline

Stages and dates

Bank information request - Part A

Jul 2020 – Aug 2020

Bank information request - Part B

Oct 2020 – Nov 2020

Bank information request - Part C

Jan 2021 – Mar 2021

Stakeholder consultation

Jul 2020 – Mar 2021

Final Report

April 2021

Stakeholder engagement

The BCCC also plans to engage with key stakeholders including consumer advocates and small business representatives throughout the Inquiry.

The BCCC welcomes input to the Inquiry from interested parties and can be contacted by email at: [email protected]