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.