The banking sector faces fresh challenges and heightened community expectations as it transitions to its new and enhanced Code of Practice.
The Banking Code Compliance Monitoring Committee (CCMC) held its 2019 Forum on Tuesday 5 and Wednesday 6 March 2019 in Melbourne. The Forum brought together more than 100 industry and consumer participants.
The Forum featured expert panels, presentations by industry leaders, and round table discussions about:
- how banks will meet the needs of small business, Indigenous Australians and vulnerable customers
- how the future will look with an ASIC-approved Code
- how bank executives can set a course toward improved practices.
Banks heard that they will need to show empathy to customers and live the spirit of the new Banking Code of Practice in order to meet their obligations come 1 July 2019.
When the Code comes into effect on 1 July, the CCMC will become the Banking Code Compliance Committee (BCCC) and will have a broader jurisdiction and greater powers to consider Code breaches. The BCCC was launched by Independent Chairperson Christopher Doogan AM at the Forum. (see bankingcode.org.au).
The Chief Executive of the Australian Banking Association, the Hon. Anna Bligh AC, gave the keynote address. Other speakers included the Chief Executive of ANZ, Shayne Elliott, the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell AO, and ASIC’s Tim Gough.
Panel sessions featured Gerard Brody, of the Consumer Action Law Centre, Amanda Young, of the First Nations Foundation, David Locke and Geoff Browne, of the Australian Financial Complaints Authority, Colin Neave, of ANZ, Christine Cupitt, of the Australian Banking Association and Catherine Wolthuizen, independent consumer and financial services consultant.
Further information about the CCMC is available on its website, www.ccmc.org.au.