A new banking industry watchdog uses its teeth for the first time, publicly shaming Bendigo and Adelaide Bank for 'serious and systemic breaches' in how it has treated customers since 2015.
In its annual report, the committee said the breaches occurred within Bendigo and Adelaide Bank's Great Southern Loans business from February 2015 to February 2019.
"We acknowledge the work the bank has undertaken to date to address the issues that came to light following an audit … and to fix the root causes to ensure code compliance." The committee slapped Bendigo and Adelaide Bank for "serious and systemic" breaches in the following areas: debt collection, financial difficulty, complaints handling, privacy and confidentiality, training and competency, and acting fairly and reasonably.Just naming a bank for breaching the code is not enough, said Elise Bant, a professor of private law and commercial regulation at UWA Law School.
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