The CCMC is pleased to release its Annual Report detailing its work in monitoring compliance with the Code of Banking Practice for the period 1 April 2012 to 30 June 2013.
The Annual Report highlights that:
- 9,403 breaches were self reported by code subscribers, up 30.4% since 2011-12;
- there were 12 significant breaches of code obligations self reported by the banks;
- 2,573 breaches were reported against Key Commitments and General Obligations, up 2.5% on 2011-12;
- 898,000 consumer disputes were dealt with by the banks, of which 88% were resolved internally by the banks within 5 days;
- 270,000 requests for financial difficulty assistance were received by the banks, up 5.3% on the previous year;
- two Own Motion Inquiries were undertaken by the CCMC, on Guarantees and Chargebacks;
- 46 new Investigations, which reviewed an aggregate of 84 alleged code breaches;
- 29 Investigations were closed, including five by Determination or recommendation, where 12 breaches of the Code were identified;
- 75 requests for information about the Code were handled by the CCMC;
- there were 4,019 individual visitors to the CCMC website;
- the CCMC released 14 publications and undertook 36 stakeholder engagements; and
- 29 training sessions were conducted for consumers, external dispute resolution staff and banks on the CCMC’s operations and the Code obligations.
The Annual Report also provides details of the work undertaken by the Committee in transitioning its operations to ensure consistency with its new Mandate and in developing guidance to assist stakeholders in their understanding of the Committee’s powers and monitoring and investigations functions.
A copy of the CCMC 2012-13 Annual Report can be found here.