A recent inquiry uncovered poor practices and non-compliance with the Banking Code of Practice among six banks.
The inquiry highlighted three main issues: banks charging fees for services no longer provided, failing to act within required timeframes, and lacking respect and compassion towards representatives and families of deceased customers.
The report emphasized the need for banks to improve their systems and processes to ensure compliance and customer support during difficult times.
The BCCC’s CEO, Prue Monument, emphasized the significance of the report and its findings.
“Several years ago now the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry showed that banks had a lot of work to do. It is reasonable for the community to have expected more progress and seen improvements sooner,” Monument said.
“While we have seen work from the banks on this front, with some more progressed than others, clearly not enough has been done. Our report is a timely reminder for banks as they need to prioritize improvements in line with community expectations.”
Three banks have been notified of investigations, while others are urged to audit their practices.
The report includes nine recommendations for all banks to consider, with an 18-month compliance deadline.
The Banking Code Compliance Committee stressed the importance of progress in this area, benefiting both customers and banks.
The full report can be accessed here.
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