The BCCC is established under the Banking Code of Practice (the Code).
The Code sets out the banking industry’s key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their banking services. The Code applies to personal and small business bank customers.
The BCCC’s functions include monitoring compliance with the Code and investigating, and making a decision, where a breach of the Code has been alleged. By doing this, the BCCC contributes to the improvement of standards of practice and service by code-subscribing banks.
This BCCC Charter obliges the Committee to commission a periodic independent Review of its activities – to coincide with an independent Review of the Code itself. The Terms of Reference for this Review are available in full via this link. Broadly, the aim is to assess the BCCC’s performance of its functions and operations as set out in the Code.
While the BCCC Review is commissioned by the BCCC itself and will operate independently of the Code Review, every reasonable effort will be made to coordinate review activity, to minimise duplication and to make it as easy as possible for stakeholders to have input.
ABOUT THE INDEPENDENT REVIEWER
Phil Khoury is the principal of cameron. ralph. khoury. He is a former financial services regulator (ex-ASIC) and for the past 22 years, has been a consultant working in governance effectiveness and in regulatory and self-regulatory advice. Phil has conducted numerous independent reviews of external disputes resolutions services, voluntary codes of conduct and disciplinary bodies including in the financial sector, in telecommunications, energy and water and in international aid. In 2016 Phil undertook a review of both the Code of Banking Practice for the Australian Bankers’ Association and the Code Compliance Monitoring Committee (the predecessor to the BCCC).
SUPPORT
While Phil will be conducting the review himself, he will also be supported by staff from cameron. ralph. khoury.