Monitoring compliance

Our compliance monitoring program supports customer owned banks to comply with the Customer Owned Banking Code of Practice to achieve service standards Australians can trust.

Annual Compliance Statement

Each year, participating customer owned banks complete our Annual Compliance Statement (ACS), which documents their Code compliance performance.

The ACS questionnaire is developed in collaboration with customer owned banks to help them effectively self-assess their compliance with the Code. We then review their responses to assess:

  • How effectively they have complied with their Code obligations.
  • The strength of their Code compliance monitoring frameworks.
  • How effectively they have monitored their compliance against Code obligations.
  • Instances of non-compliance and how they were remedied.
  • Emerging or significant risk to their compliance with Code obligations, and areas of good practice that can be shared with industry.

Results are published in our annual report, which offers valuable insights into the industry’s compliance performance.

Verification program

Our verification program tests and validates customer owned banks’ Code compliance programs, including how effectively they identify, report and remedy breaches of the Code.

Inquiry reports

From time to time we review customer owned banks’ compliance with their Code obligations through our Own Motion Inquiries. We do this to share our experience with industry and encourage good practice when we’ve identified areas where customer owned banks can improve.

We initiate an inquiry when we identify an area of emerging risk in the customer owned banking industry. To carry out these inquiries we may:

  • request information from customer owned banks
  • conduct ‘compliance visits’ to customer owned banks
  • consult consumer advocates about their clients’ experiences, or
  • commission market research such as mystery shopping.

We publish the outcomes of our inquiries and discuss the results with individual customer owned banks.

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