The Banking Code Compliance Monitoring Committee (CCMC) is an independent compliance monitoring body established under clause 36 of the 2013 Code of Banking Practice (the Code). Its purpose is to monitor and drive best practice Code compliance, through a collaborative approach with the banking sector and other key stakeholders.
To achieve this, the CCMC will:
- examine banks’ practices
- identify current and emerging industry wide problems
- recommend improvements to bank practices, and
- consult with and keep stakeholders and the public informed.
The Committee has prepared its 2018–21 Strategic Plan to identify the broad priorities for its work:
- Monitor and investigate banks’ compliance with the Code.
- Improve practices and outcomes for customers.
- Build strong relationships with consumer, small business and agribusiness advocacy groups.
- Lead the transition to a revised Code.
The Strategic Plan also provides a framework for how the CCMC considers it can achieve a meaningful impact on the banking industry for the benefit of its customers.
In addition, the CCMC has developed a Workplan which sets out the tasks to be completed in 2018–19 . Key features of the Workplan include:
- Develop and implement a revised risk based approach to Code compliance investigations.
- Develop and implement the CCMC’s stakeholder engagement plan and external communications strategy.
- Conduct a major Own Motion Inquiry into a Code compliance matter of high priority and continue the CCMC’s follow up work into Direct Debits (Code clause 21).
When the revised Banking Code of Practice has been finalised, the CCMC will develop an additional Workplan to set out its areas of focus to support banks’ transition.