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Brokers and consumers are being asked to provide feedback to an inquiry about how banks settle financial affairs in deceased estates.
The Banking Code Compliance Committee (BCCC) – an independent committee that monitors and drives best practice compliance with the Banking Code of Practice – has launched a survey to better understand how member banks are meeting their obligations around deceased estates.
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The survey, which is expected to remain open until mid-August, asks consumers to rate the lenders on how they performed in meeting their obligations with chapter 45 of the Banking Code of Practice. This chapter includes commitments that the banks will treat a deceased person’s representative with respect and compassion, and provide clear and accessible information on what they can do to manage accounts.
It also sets out steps banks will take to help manage deceased estates.
The survey aims to help the inquiry identify if any improvements can be made when it comes to how the banks managed deceased estates.
The committee’s chief executive, Prue Monument, commented: “We appreciate this can be a very difficult time for bank customers.
“Consumer feedback will give us insights into real customer experience and help us identify what banks are doing well and where there are areas for improvement when helping with deceased estates.”
A spokesperson for the BCCC added that “while the survey is aimed at consumers, mortgage brokers are welcome to respond as long as they clearly indicate they are responding as brokers who have acted, or are acting, on behalf of consumers.”
The BCCC is also inviting those who have acted as the representative or next of kin of a deceased customer, or their representatives, to engage with the inquiry and share any insights, case studies, areas of concern or examples of good practice.
Brokers can make submissions to the Deceased Estates Inquiry by emailing information and comments to
Background to the Deceased Estates inquiry
The BCCC began its inquiry into banks’ compliance with chapter 45 of the Banking Code of Practice: Helping with deceased estates last year.
Its objective is to monitor compliance with the Banking Code and improve outcomes for consumers “during an emotional and stressful time”, as well as encourage good practice.
The inquiry will look at the entire process of how banks that are signatories of the Banking Code of Practice are managing the accounts of a deceased customer, including:
- Treating customers’ representatives and next of kin with respect and compassion
- Providing clear and accessible information on how to manage a deceased customer’s account
- Identifying and ceasing the charging of fees for banking services that are no longer to be provided to a deceased customer
- Acting on instructions from a customer’s representative within 14 days of receipt of those instructions
- Providing information about a deceased customer’s accounts to their representative or next of kin prior to the grant of probate or letters of administration
- Accepting payments on debts owed by a deceased customer from their representative or next of kin prior to the grant of probate or letters of administration
- Allowing customers with joint accounts to continue to operate said accounts in the event of the death of their fellow joint account holder
The scope of the inquiry will cover banks’ internal frameworks and organisational capability to support compliance with chapter 45 of the Code, including staff training, systems, procedures and monitoring of customer outcomes.
[Related: ASIC approves banking code changes]
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