Inquiry looks at whether banks are meeting the needs of vulnerable customers

The Banking Code of Practice cites a range of characteristics relevant to vulnerability, including language barriers, socioeconomic constraints, age-related concerns, and instances of abuse or health challenges.

The Banking Code Compliance Committee inquiry will examine compliance with Code of Practice obligations with customer experience being an important aspect.

"Customers experiencing vulnerability have important needs, and we want to make sure that banks are adequately addressing them," said BCCC chair, Ian Govey.

"I think it is crucial that we hear directly from the people experiencing vulnerability."

The BCCC has a short survey available with a range of questions on customer/bank interactions while the customer was experiencing vulnerability.

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The call for customer experiences follows a report the BCCC published in 2021 that found progress across the industry was inconsistent, with gaps in staff awareness and service delivery, despite significant investment in this area.

The Banking Code Compliance Committee is an independent body responsible for monitoring and enforcing compliance with the Banking Code of Practice. The Committee strives to maintain high industry standards and protect the interests of consumers in the Australian banking sector.

Anyone who cannot complete the survey online can call 1800 931 678 to complete it by telephone.

The survey closes on June 14.