2013-14 Annual Report

The Code Compliance Monitoring Committee is pleased to release its Annual Report for the period 1 July 2013 to 30 June 2014.

The Report highlights the Committee’s work to monitor compliance with the Code of Banking Practice in 2013-14.

Key findings and a summary of the Committee’s Year at a Glance can be found on pages 2 and 3 of the Report. Of particular note:AR2013-14

  • 5,762 breaches were self-reported by the banks, down 23.7% from 2012–13
  • there were 8 significant breaches of code obligations self-reported by the banks
  • 2,247 breaches were reported against Key Commitments and General Obligations, up 9%
  • 1 million consumer disputes were dealt with by the banks, of which 91% were resolved internally by the banks within 5 days
  • 288,139 requests for financial difficulty assistance were received by the banks, up 32.5%
  • 33 new Investigations were undertaken by the CCMC concerning 48 code breach allegations by consumers and others
  • 28 Investigations were closed, including two by Determination. 26 breaches of the Code were identified from these Investigations
  • the CCMC published 11 reports bulletins and Guidance Notes concerning its operations, and
  • more than 60 stakeholder engagements were held with key stakeholders regarding the CCMC’s operations, Code obligations and emerging industry issues.

We trust you find the Report of interest. The Committee welcomes your feedback. We are particularly interested in what information you find most useful and what additional information, if any, you would like included in the future.

A copy of the CCMC 2013-14 Annual Report can be found here.