Banking Code compliance breaches identified

By David Jacobson 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 …read more

Source:: Bright Law

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