The Code Compliance Committee (CCC) has undertaken a review into the operation of clause 20.1 of the Mutual Banking Code of Practice (the Code).
The purpose of this review is:
In addition, the report also lists recommendations that Mutuals may wish to consider to improve their compliance in this area:
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 clause 20.1 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.