Australia's 'Big Four' Banks Account For 83% Of Nearly 8,000 Code Of Conduct Breaches Between March 2025, June 2025, Banking Code Compliance Committee Says
MT Newswires Live
Feb 04
Australian banks breached the industry's code of conduct 7,973 times between March 2025 and June 2025, with the "big four" banks, Commonwealth Bank of Australia (ASX:CBA), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), National Australia Bank (ASX:NAB), and Westpac Banking (ASX:WBC, NZE:WBC), accounting for 83%, or 6,598, of the breaches, the Banking Code Compliance Committee said in a report.
The financial impact to customers as a result came in at AU$19.8 million, while the impact to banks came in at AU$16.9 million. Around 5.9 million customers were impacted.
The lenders detected 91% of breaches, or 7,240 of 7,973, internally through the three lines of defence or by staff outside of formal monitoring.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.