HomesecurityViolations of the banking code are on the rise

Violations of the banking code are on the rise

His two most common obligations Banking Code of Practice, which are violated more often by financial institutions, is the privacy and confidentiality.

violations

As her latest report showed Banking Code Compliance Committee, which covers the last six months of last year, states that 20.863 violations were committed code, which affected 4,4 million customers. These violations had a financial impact of $ 100 million.

Other common violations involved debt recovery practices, dealing with financially difficult customers, and managing complaints.

As stipulated in the Banking Code, the institutions must report to BCCC every six months, providing a summary of their compliance with them rules.

For the financial year 2018/19 the banks reported 15.597 violations. According to the BCCC, the large increase (to 20.863) in the last half of 2019, may mean that some banks have stopped reporting or that the areas that require more safety.

The BCCC said many banks were not paying enough attention to the rules they had to follow and was also concerned about the quality of data provided by banks and would like to see a "substantial" improvement in the practices they pursue to achieve this.

More than half of the breaches relate to privacy and confidentiality obligations, as well as training staff to understand code and attract customers in a fair, reasonable and ethical manner.

The most common violations include:

  • Procedures that are not followed properly.
  • Wrong charges.
  • Information provided to the wrong people.
  • Interest or deduction errors and recognition errors.

What the research has shown is, in fact, a major and perennial problem facing financial institutions: "they do not provide adequate care for vulnerability of a customer while providing a service ".

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