Annual Report 2009/2010

We are pleased to publish our inaugural Mutual Banking Code Compliance Committee Annual Report for the period 1st July 2009 to 30th June 2010 and trust that this provides you with interesting reading. 

Please click here to download your copy of the  2010 MBCOP Annual Report.

The Committee’s role is to ensure that the Mutuals who have voluntarily subscribed to the Code meet the standards of the Code. 

For this reporting year the Committee’s key achievements were:

  • establishing an operational framework and Secretariat for the Committee
  • conducting the first annual compliance review exercise (the Annual Compliance Statement)
  • reviewing information prepared for customers  or members  by the Mutuals for visibility of and access to the Code, and
  • conducting the first compliance review of direct debit cancellations.

 In summary, the Committee found that the Mutuals have:

  • generally taken positive steps to incorporate the Code and its 10 Key Promises into their day to day operations
  • demonstrated good compliance levels with 3 of the 10 Key Promises; in particular: fair and ethical dealings, providing clear information about products and services and responsible lending
  • acted in the spirit of the Code in some areas e.g. assisting disadvantaged customers or members  but still need to develop policies and processes to embed these practices, and  
  • further compliance work to do in other areas, most notably in providing customers or members with visibility and access to the Code and the 10 Key Promises. In that regard, the Committee received positive feedback from Mutuals on its ‘Visibility and Access Report’ and hopes the Report’s findings will assist them in meeting their obligations.

 Overall the Committee:

  • is encouraged by the positive steps Mutuals have taken to act in accordance with, and to incorporate , the Code
  • sees the voluntary adoption and implementation of these minimum standards of good practice as an indicator of the Mutuals’ commitment to their industry and their customers or members, and
  • considers the industry’s progress to date an example of some of the strengths of its self regulatory framework.

 Over the next 12 months the Committee will work closely with key stakeholders to influence improvements by Mutuals and the industry as a whole.

Key features of the Committee’s work for 2011 will include the 2011 Annual Compliance Statements and the release of the Committee’s findings on direct debit cancellations. 

We would welcome any comments in regards to this report by email to [email protected].

 

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