Annual Compliance Report 2016-17
Check out our website – www.cobccc.org.au
The Customer Owned Banking Code Compliance Committee’s Annual Compliance Report was published on 1 December 2017 and provides an in-depth look at its work in monitoring compliance with the Customer Owned Banking Code of Practice for the 2016–17 financial year.
A copy can be downloaded here.
The report finds that:
Committee Chairman, Sue-Anne Wallace AM, said that the Committee hoped the Report findings would ‘be a valuable source of insight and learning for customer owned banking institutions, prompting renewed efforts to improve customer service’.
The Committee is currently preparing for its strategic discussion meeting in March next year and developing new ideas and proposals for monitoring and compliance work for the 2018-19 period.
This will include:
In October, Sally Davis, General Manager of the Code team attended the Annual Credit Law Conference and presented on unfair contract terms. The Code team also attended and presented at the Financial Consumer Rights Council (FCRC) Conference in Lorne (Victoria). The presentation related to the use of codes of practice as an advocacy tool, as part of financial counsellors’ professional development program. Code team staff also participated in the FCRC speed dating session to increase awareness of industry codes, including the Customer Owned Banking Code of Practice.
If you need any assistance in order to complete the Committee’s current own motion inquiry regarding privacy obligations, please contact us on [email protected]
Information and your individual link and password to access the online portal to lodge your response was provided on 25 September and 27 October 2017.
The deadline for completion of the online questionnaire has been extended to 13 December 2017.
The main purpose of this inquiry is to gather information to determine the cause of the high number of breaches regarding privacy obligations and highlight areas for improvement in current industry practice and performance. It is also intended to provide an insight into the compliance activities that institutions undertake to rectify breach issues including the updating of staff training and implementation of long-term strategies to embed compliance with privacy obligations in the institution’s risk framework.
Do you want to become part of the Industry Liaison Group?
If you are interested in providing ad hoc feedback on compliance monitoring activities and would like to be involved in the development of compliance questionnaires, such as the Annual Compliance Statement and Own Motion Inquiries, please contact Daniela Kirchlinde on [email protected]
The commitment will not be difficult or time consuming. We will ask for your comments on draft documents, such as the development of questionnaires for own motion inquiries.
Check out the specific information for consumers and Code Subscribers on our website, in particular how to comply with the Code regarding financial difficulty obligations, advertising standards and direct debit arrangements.
Consider providing the fact sheets in the news and publications section to your staff for training purposes.
Consumer information includes explanations of customer rights under the Code, including the rights of customers in financial difficulty, as well as information for small business and instructions on how to report a concern. Meg’s story provides a good case study.