In February 2008, the Code Compliance Monitoring Committee (the CCMC) commenced a review into clause 19 of the Code of Banking Practice (the Code) to identify how Code subscribing Banks managed their promise to consumers and small business regarding the ability to cancel direct debits via the Bank.
The aim of the review was to identify whether:
- Banks have adequate policy and procedures to ensure they comply with the requirements of the Code; and
- Banks receive and process cancellation requests for direct debits without first referring customers to the business or service provider.
What the review found was that while appropriate policies and procedures were documented, 8 out of 10 of our “shadow” shoppers, received incorrect or partially incorrect information.
To download a copy of the report, please click here.