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 assure the community that the Code-subscribing banks (banks) honour their Code obligations to their customers.
An independent review of both the CCMC and the Code were conducted in 2016, with the final reports published in February 2017. It is anticipated that a new Code and CCMC Mandate will be developed in response to the recommendations and released later in the year.
The CCMC Review made six recommendations to improve the effectiveness and visibility of the Committee’s work. The CCMC considers the independent review of its operations to represent a guide to robust monitoring of the Code. With these recommendations in mind the CCMC has developed its annual Workplan to deliver three key objectives for the 2017-18 financial year, these are:
Through its key objectives the CCMC remains committed to delivering a comprehensive and meaningful monitoring program. In order to deliver on these objectives the CCMC has specifically designed its Workplan to prioritise the following areas:
- Update the process for the investigation of Code breach allegations to reflect a risk based approach.
- Develop enhanced data collection processes and systems to inform risk based assessment.
- Conduct a major Own Motion Inquiry into Internal Dispute Resolution (clause 37) and follow-up Inquires into Direct Debits (clause 21) and Financial Difficulty (clause 28).
- Increase the depth and frequency of publications and guidance notes to report on industry trends and encourage continuous improvement.
- Engage with all stakeholders to assist with the transition to the new Code as the need arises.
In developing its Workplan, the CCMC has assessed the current risks to Code compliance and directed its resources to address the highest areas of concern. It will continue to assess these risks and adjust the activities to be undertaken throughout the year.
The full CCMC Workplan for 2017-20 can be downloaded using the link below: