The CCMC is effecting positive changes in the Australian banking industry by sharing our experiences of good industry practice.
Our Guidance Notes outline how we interpret our obligations under our Mandate or the approach we may take when considering a matter related to banks’ obligations under the Code.
These Guidance Notes have been produced in consultation with the Australian Bankers’ Association and Financial Ombudsman Service and cover a range of issues, including ‘discretion’, ‘rules of evidence’ and the ’12 month rule’. Their purpose is to ensure our operating procedures and decision-making processes are transparent.
Our inquiries into compliance with the Code investigate areas of emerging risk in the Australian banking industry. These ‘Own Motion Inquiries’ – and their resulting reports – are a valuable way for us to share our experience, influence good industry practice where we have identified areas for improvement, and showcase good industry practice.
Recent inquiries have focused on banks’ code obligations regarding financial difficulty, chargebacks and guarantees.