The independent Banking Code Compliance Monitoring Committee (CCMC) acknowledges ASIC’s approval of the new Banking Code of Practice and welcomes the wider remit afforded to the renamed monitoring body, the Banking Code Compliance Committee (BCCC), to monitor banks’ practices and enforce compliance with the Code.
The new Code gives the BCCC greater ability to obtain breach data from banks and increased sanctioning powers. The CCMC will work with the Australian Banking Association on the transition of code monitoring arrangements prior to commencement of the Code.
Chief Executive Sally Davis said: “More frequent and improved access to data will enable the BCCC to robustly monitor banks’ compliance with the Code and build up a more detailed picture of compliance issues in the sector.”
“Strengthened sanctioning powers will enable the BCCC to report serious, systemic or ongoing breaches of the Code to ASIC and require banks to take corrective action.”
The CCMC is an independent committee established to monitor banks’ compliance with the Code of Banking Practice.
Its purpose is to monitor and drive best practice Code compliance.
Chief Executive Officer
Banking Code Compliance Monitoring Committee
(03) 9613 7341