Code Review Update – December 12, 2016

Extension of time needed

Despite best efforts and an enormous amount of work by all concerned, I am not going to be able to meet the original target date for the Review of December 31, 2016.

The wide range of matters raised with me, the complexity of the issues and the level of detail required to adequately deal with them have proved to be greater than originally estimated – both for the Reviews of the Code itself and of the Code Compliance Monitoring Committee.

The full text of both the Code and CCMC Reports will not now be handed to the Australian Bankers Association and the CCMC, until the end of January, 2017.

My apologies for any disappointment, in particular to those who have worked very hard to support the Reviews through providing submissions, attending meetings and interviews and answering the seemingly endless list of questions.  This includes the ABA and the banking industry, the staff of the CCMC, consumer advocates, representatives of small business and other stakeholder groups, staff from government agencies and many, many individuals.

I am sure that everyone interested will agree that it is more important that these Reviews be completed to a thorough standard.

In making the decision, I have consulted with the Independent Governance Expert Mr Ian McPhee AO PSM, who has been supportive throughout the Review process.

Phil Khoury
Independent Reviewer