The Banking Code Compliance Monitoring Committee’s annual report for 2016/17 sets out the number of Banking Code compliance breaches for each clause of the Code.
For the breaches of compliance with laws the report identifies the following issues:
- Inappropriate financial advice
- Failure to credit balances on credit card and loan accounts
- Non-payment of bonus interest
- Not complying with internal policies and processes relevant to banker behaviour and Code of Conduct requirements.
- Incorrect charging of fees
- Non-compliant process when entering a threshold transaction into the system.
- Account transactions conducted before completion of ‘Know Your Customer’
- Merchant facility software error which prevented approved payments and refunds being sent to the bank’s host server
- Customers able to redraw excessive amount
- Inadequate disclosure of Overseas Transaction Fee
- Incorrect set up of banking packages whereby some customers who have been provided banking packages did not receive one or more discounts or fee waivers on eligible accounts.
- Lack of evidence of appropriate warnings and disclosures to guarantors
- Client account statements made available to third party
- Issuing of incomplete or incorrect statements of account.