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BCCC – Cancelling direct debits mystery shopper results
13 September 2021
In March 2021, the Banking Code Compliance Committee (BCCC) conducted a mystery shopping exercise into subscribing banks’ (banks) compliance with their obligation under the Banking Code of Practice (the Code) to cancel direct debits on request.
Overall, the results showed an improvement on previous BCCC mystery shopping exercises, with 71% of interactions indicating a bank would comply. In November 2018, the industry compliance rate was 44%.
While increases in some bank’s individual compliance rates are a positive development, when compared to historically low rates a result of only 71% is still a significant cause for concern.
The BCCC acknowledges the actions taken by several banks to improve their compliance performance. However, there is some way to go for individual banks and the industry as a whole to meet the BCCC’s expectations.
The full report can be downloaded as a PDF.
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