Banking Code compliance breaches identified

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.
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