The Australian Banking Association has appointed former Australian Government Solicitor Ian Govey to chair the Banking Code Compliance Committee. The BCCC is an independent body that will monitor and enforce the new Banking Code of Practice. The Australian Financial Complaints Authority worked with the ABA on recruitment. The ABA is promising that the BCCC will be a "tougher and stronger" body than its predecessor under the old code, the Code Compliance Monitoring Committee. The first New Zealand lender to obtain a peer-to-peer lending license is now quitting the P2P market. Harmoney said it was calling a halt to all retail investment and would source its money for lending from the wholesale market instead. It stopped taking any new retail lending applications yesterday and will end all retail investment at the end of March in a move it says will help it free up resources to focus on innovation and "a better user experience for borrowers".