Ex-ASIC manager to review banking code watchdog

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.

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.

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]