The Code Compliance Monitoring Committee (CCMC) has welcomed the findings of a review of its work monitoring compliance with the Code of Banking Practice. Thirteen banking groups – covering 95% of the Australian retail banking market – subscribe to the voluntary Code, which sets standards of good practice in the banking industry. The CCMC is the Code’s independent monitoring body.
The review report, published today, acknowledged the CCMC’s achievements encouraging good practice in the banking sector. The review found that the CCMC’s monitoring, investigations, reporting and stakeholder engagement is being conducted professionally and to a high standard.
The review made six recommendations for the CCMC’s future operations. In a parallel review of the Code itself, reviewer Phil Khoury of Cameron Ralph Navigator recommended that the CCMC funding be increased and that changes be made to its role and powers as set out in its Mandate.
The recommendations would see, amongst other things, the CCMC shift its emphasis away from investigating individual complaints in favour of an expanded role monitoring overall sector practice and reporting effectively and transparently on this monitoring work.
CCMC Independent Chair, Professor Christopher Doogan AM, said that the Committee supports the review’s recommendations, a number of which align with improvements the CCMC had identified in its own internal review.
‘We will be considering Mr Khoury’s recommendations carefully and, as appropriate, incorporating them into our three-year rolling work plan,’ Professor Doogan said. ‘The CCMC will also be working closely with the Australian Bankers’ Association, in relation to its response to the Code and CCMC review recommendations.’
The review reports are available via the links below: