Powered by MOMENTUM MEDIA
subscribe to our newsletter

Ex-ASIC manager to review banking code watchdog

An independent body that monitors the banks’ behaviour has commenced a review, as it is assessing its industry code of practice.

The Banking Code Compliance Committee (BCCC), a body that monitors banks’ compliance with the Banking Code of Practice, has started an independent review of its activities.

Phil Khoury, principal at consultant cameron. ralph. khoury, has been picked to conduct the review of the BCCC, having previously assessed the committee and the banking code.

Previously, Mr Khoury appeared before the banking royal commission in his capacity as a reviewer of the Banking Code of Practice. He has also been an executive general manager with ASIC 

In the newest review, Mr Khoury has signalled plans to undertake a review of BCCC processes and some targeted stakeholder discussions, before releasing a consultation paper in early September.

Advertisement
Advertisement

The announcement has come after the Australian Banking Association (ABA) launched a review into the Banking Code of Practice in early July.

Former Treasury deputy secretary Mike Callaghan, who also chaired the government’s recent retirement income review, has been tasked with reviewing the code.

The code of practice, which is maintained by the ABA, is reviewed at least once every three years. It has been in place since 1993.

The standards and any potential revisions will embody the first industry code subject to the enforceable code regime under ASIC.

Mr Khoury will also work with Mr Callaghan, to coordinate their examinations.

PROMOTED CONTENT


BCCC chair Ian Govey welcomed the newest review, calling it an opportunity to identify where the committee can improve its operations.

“The BCCC plays a key role in ensuring banks comply with the commitments they have made to the Australian community,” Mr Govey said.

“We look forward to the reviewer’s findings and recommendations, which will help us to ensure we hold banks accountable for their conduct and support better banking experiences for customers.”

Stakeholders will be invited to make submissions to Mr Khoury, until mid-October.

He added that he would be looking for feedback around how the code should be monitored for compliance, in addition to comments on the code itself.

[Related: ASIC sues credit companies over AFCA clashes]

Ex-ASIC manager to review banking code watchdog
Ex-ASIC manager to review banking code watchdog
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser. 

Previously, she reported on banking, financial services and wealth for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

Latest News

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.