fbpx
Skip to main content
Financial Assistance Hub

ABA responds to the Independent Banking Code Compliance Committee Report  

ABA responds to the Independent Banking Code Compliance Committee Report  

21 October 2022

The Australian Banking Association this week responded to recommendations from the Final Report of the Independent Review of the Banking Code Compliance Committee (BCCC) of Practice 2021, conducted by Mr Phil Khoury of cameron. ralph. khoury. 

ABA Chief Executive Officer, Anna Bligh said the ABA supports the majority of recommendations from the BCCC review, in particular the transition to greater transparency on bank compliance with the Code through a naming regime. 

“We think this is beneficial for lifting industry standards even higher. While there is further work to do to address consistency in reporting and benchmarking to get ready for such a change, the ABA looks forward to working with the BCCC and other industry stakeholders on this objective,” Ms Bligh said. 

Together with this recommendation, the ABA have accepted eight out of the nine recommendations within its remit including: 

  • Recognising and further promoting the dual role of the BCCC in both monitoring compliance and promoting industry best practice;  
  • Enhanced representation of small business and farming sectors in the BCCC’s work; 
  • Enhanced powers to report serious or system issues to ASIC; and 
  • Enhanced powers to consider Code breach matters beyond 2 years or, where another forum has made no finding in relation to a Code breach. 

Regarding the one recommendation not supported (recommendation 17 that banks named by the BCCC for serious breaches also publish this fact on their own website) Ms Bligh said “the BCCC has existing powers to publicly name banks that have breached the Code without the need for Banks to repeat this information on their own websites.”  

Ms Bligh said compliance monitoring work undertaken by the BCCC is crucial to build public trust and confidence and keep banks accountable.  

“The work the BCCC does on identifying areas for improvement is very valuable to banks in identifying areas for further work and ultimately delivering better customer outcomes,” Ms Bligh said. 

In responding to the Review, the ABA has sought the views of member banks and considered recent reports relating to BCCC priorities. 

Further details of the ABA’s response to recommendations can be found here.


Read the Banking Code


Latest news

1 / 3
Media Releases
Protect your heart and bank account from romance scams
10 February 2025

With Valentine’s Day fast approaching, the ABA is warning Aussies to guard their hearts—and their bank accounts—as scammers ramp-up the use of artificial intelligence and deepfakes to steal money. According to ScamWatch, last year Australians reported over 3,200 romance scams with losses amounting to almost $24 million.   Romance scam red flags: ABA CEO Anna… Read more »

Read more
Banks stand ready to support North Queensland communities affected by floods
4 February 2025

The Australian Banking Association (ABA) is urging customers in North Queensland affected by the floods to get in touch with their bank if they are in need of financial relief. ABA CEO Anna Bligh said banks are on standby to assist households and businesses who have been impacted by these severe floods. “My message to… Read more »

Read more
Media Releases
Banks urge Parliament to modernise payment system regulation
4 February 2025

Download radio grabs of Anna Bligh here. The ABA is urging the Parliament to swiftly pass legislation that will ensure Australia’s payments regulatory framework remains fit-for-purpose as digital payments continue to skyrocket. According to the RBA, each month Australians are now making over 500 million payments with mobile wallets worth over $20 billion. This legislation… Read more »

Read more