Reports 17 – Compliance with Part B of the Code

The Code Compliance Committee (CCC) has undertaken an examination of web-based information provided by Mutuals relating to their Code obligations to embed the Code by reference in their Terms and Conditions (T&Cs) for products and facilities to which the Code applies.

The objectives of this review are:

to develop a better understanding on how Mutuals manage their promise to their members in the disclosure of the Code in the T&Cs,
to provide recommendations on how disclosure of Code information can be improved, and
to identify and promote good business practices in the disclosure of the Code in T&Cs.

Please click here to open a copy of our report in regards to the outcome of our investigations.

We hope that this report will assist you in reviewing your procedures and guidelines in regards to your compliance with Part of the Code.

The CCC will continue to monitor and assess Mutuals’ compliance with the Code in this particular area as part of its 2011 Annual Compliance Statement (ACS) and measure any improvements. The outcomes of this phase will determine what further actions, if any, the CCC will take.