As the newly appointed Chairperson of the Code Compliance Monitoring Committee (CCMC) I am pleased to acknowledge the impressive work undertaken by the Committee in its start up years and its success in establishing its independent role in promoting compliance with the principles set out in the Code of Banking Practice.

The efforts of my predecessor and inaugural Chairperson, Anthony Blunn AO, together with his Committee colleagues and staff, have ensured the Committee’s evolving status as an integral component of the subscribing banks’ self regulatory scheme. This consists of the banks’ commitment to their customers to accord with the provisions of the Code, effective internal dispute resolution processes within the banks, an accessible external dispute resolution service provided by the Financial Ombudsman Service (FOS) and an independent compliance monitoring agency (the CCMC).

Following the recent review of the Code and the independent review of the activities of the Committee (outlined elsewhere in this Report) the coming year will see further developments in terms of amendments to some of the Code provisions and changes to the governance arrangements for the CCMC as it cements a closer relationship with FOS.

I am very much looking forward to working with my fellow Committee members, Julie Abramson and Nicola Howell, in the ongoing work of addressing Code compliance issues in a cooperative framework with the banks as well as contributing to the policy environment in which the Committee operates. We are very fortunate to have the assistance of a small but very competent and energetic team lead by Damian Paull, the CEO.

Brian Given