The Australian Banking Association (ABA) has announced the appointment of Ian Govey AM as chair of the Banking Code Compliance Committee (BCCC), which will monitor and enforce the new Banking Code of Practice.
Mr Govey, who has previously served as the Australian Government Solicitor, was selected following a joint recruitment process run by the ABA and the Australian Financial Complaints Authority (AFCA).
Following the announcement, ABA CEO Anna Bligh said Mr Govey is well placed to ensure that banks comply with their obligations under the banking code.
“As part of their commitment to a new Banking Code of Practice which has real teeth, banks have formed a tougher and stronger independent body to monitor and enforce its implementation,” Ms Bligh said.
“The appointment of Ian Govey AM to the role of chair of the Banking Code Compliance Committee means thoroughly independent oversight ensuring banks implement the new code as promised.”
AFCA CEO David Locke also welcomed Mr Govey’s appointment, adding: “The BCCC plays a strategic function in monitoring the effectiveness of the new Banking Code of Practice and shaping good industry practice.
“Mr Govey will bring a wealth of experience to the important work of the Banking Code Compliance Committee.”
Reflecting on his appointment to the role, Mr Govey said he looks forward to executing his responsibilities as the BCCC chair.
“I’m pleased to accept this appointment and look forward to playing a role in ensuring the Banking Code is strong and effective in protecting the interests of customers,” he said.
Mr Govey replaces Christopher Doogan AM as chair of the BCCC.
Mr Doogan also served as chair of the predecessor organisation, the Code Compliance Monitoring Committee for six years.
The ABA and AFCA thanked Professor Doogan for his contribution throughout his tenure.
[Related: Leveraged appoints new head]