Compliance investigations are one of the CCMC’s key tools in monitoring banks’ compliance with the Code. Our investigations examine if a bank has complied with its code obligations and if it needs to change its policies or processes. Our investigations focus on helping the bank to remedy its non-compliance. We do not:
- provide compensation – that is the role of external dispute resolution bodies such as the Australian Financial Complaints Authority or courts and tribunals, or
- issue fines or penalties – that is the role of regulators such as the Australian Securities and Investments Commission (ASIC).
When we investigate
Anyone can contact us to allege a bank may have breached the Code. For us to investigate a matter, at a minimum:
- the bank must have adopted the Code
- the banking service had to take place in Australia
- the matter has to involve an individual or small business customer or their guarantor, and
- there needs to be a Code obligation that covers the issue.
How we investigate
Our investigation processes are independent, fair, efficient and transparent (subject to our confidentiality and privacy obligations).
We use the following case handling process:
What we consider in our investigations
Each investigation is unique and depends on its facts. However, as a general guide we take into account:
- evidence before us
- the law
- our decisions or guidance where relevant
- decisions or guidance by other entities (such as ASIC)
- if the issue might affect other consumers, and
- how the bank has handled the issue.
Our investigation outcomes will depend on what we have found. Some outcomes include:
- Determinations – these are formal compliance decisions.
- Undertakings or monitoring – to check a bank’s process improvements are working.
- Sanctions – which may include publicly naming a bank.
- ‘No further action’ decisions, for example where a bank agrees it has breached the Code and we are satisfied it has made the changes needed to be Code compliant.
Find out more