FOS Code supports independent Committees to monitor compliance with codes of practice in the Australian financial services industry to achieve service standards people can trust.
The Committees’ publications, including annual compliance reviews, inquiry reports and guidance notes, offer in-depth analysis as well as valuable guidance on code compliance within the banking, customer owned banking, general insurance and insurance broking industries.
Banking Practice in Australia 2015–16: CCMC Annual Report
The Code Compliance Monitoring Committee (CCMC) has published Banking Practice in Australia 2015-16. This is the CCMC’s Annual Report and provides details of its work in monitoring compliance with the Code of Banking Practice (the Code) for the period 1 July 2015 to 30 June 2016.
The Report highlights:
- breaches and significant breaches of the Code self-reported by banks
- the number of complaints banks dealt with during the year and details of the products and services to which they relate, and
- the Committee’s work in investigating allegations that banks have breached the Code.
The report also comments on how banks comply with specific clauses of the Code.
An overview of the Annual Report is available on our dedicated microsite www.ccmc.org.au/2016-annual-report/, where you can also download a copy of the full report.
Customer Owned Banking
General Insurance Code Governance Committee’s 2015–16 Annual Report
The General Insurance Code Governance Committee (the Committee) has released its 2015–16 Annual Report. It details the Committee’s compliance monitoring and other activities during the 2015–16 financial year and examines Code Subscribers' compliance with the 2014 General Insurance Code of Practice (the Code).
This year saw the general insurance industry's full transition to the Code which brought new responsibilities for the Committee. Following the Committee’s increased engagement with consumer advocates in 2014-15, more consumer advocates and individual consumers came forward with Code breach allegations in 2015–16. Determining these matters – many of which involved the Code's important new financial hardship provisions – has been a major part of the Committee's work this year.
General Insurance Code Governance Committee’s 2014–15 General Insurance Industry Data Report
The General Insurance Code Governance Committee has released its 2014–15 General Insurance Industry Data Report. Data for the report is sourced directly from Code Subscribers and provides a snapshot of the state of play in the general insurance industry for the year 2014–15 about:
- policies, claims, declined claims, withdrawn claims and internal disputes, and
- industry-identified non-compliant activity and remedial actions.
Customer Owned Banking
CCMC Banking Guidance Notes (numbers 7 to 11) on:
the Interrelationship between Compliance Investigations and Code Monitoring Activities Undertaken by the CCMC, Guarantees, Provision of Credit, Direct Debits, and Chargebacks