The Customer Owned Banking Code Compliance Committee has published its Annual Report for 2015-16 in accordance with section 4.3(k) of the Customer Owned Banking Code Compliance Committee Charter.
A copy of the report can be downloaded from here.
The Year at a Glance section on page five of the Report sets out the Committee’s key achievements for the reporting year in monitoring the activities of those mutual banks, credit unions and mutual building societies (Customer Owned Banking Institutions) that voluntarily subscribe to the Customer Owned Banking Code of Practice (the Code).
The Report also outlines the Committee’s work to influence improvements in the standards of practice and service of the Australian Customer Owned Banking Industry and how the Committee aims to build on that work in the future.
The Committee’s involvement in consulting with a range of stakeholders to provide guidance and influence positive breach and complaints reporting was a major undertaking, which included participation in the compliance forums held by the Customer Owned Banking Association (COBA). The Committee believes that the increase in the number of self-reported Code breaches reflects that institutions are embracing a positive breach reporting framework to achieve consistent reporting that reflects a true position of industry performance.
While the Committee acknowledges Code Subscribers’ faced many challenges as regulation and compliance obligations evolve, it encourages Code Subscribers to continue to review and strengthen their compliance processes, in particular in areas of major non-compliance, such as privacy obligations and delivering high customer service.
The Committee welcomes any feedback or comments to [email protected].