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Media release 2018

APRA decision will increase choice for home loan customers
19 December 2018: Today’s announcement of the removal of the 30% benchmark for new interest-only residential mortgages will allow all banks to offer more choice for customers, leading to an increase in competition across the industry, particularly for smaller and regional banks.
Chair and Deputy Chair reappointed for another term
5 December 2018: Today the Australian Banking Association Council held its Annual General Meeting, re-electing Shayne Elliott as Chair and David Carter as Deputy Chair for another 12 months. 
Banking products to be designed with accessibility in mind
30 November 2018: Australia’s banks have today committed to new principles to ensure accessible banking for the four million Australians living with disability. These principles have been developed in consultation with disability advocates and the banking industry.
Banks welcome ‘one stop shop’ for resolving disputes
31 October 2018: The newly created Australian Financial Complaints Authority, to begin operation on November 1, is an important step to streamlining dispute resolution, making it easier to access and easier to understand for customers.
Ending fees for no service, grandfathered payments
10 October 2018: Australia’s banks will change the Banking Code of Practice to overhaul the way they manage a customer’s estate when they have died and end ‘fees for no service’ across the industry. Further to this they will seek new legislation to end grandfathered payments and trail commissions for financial advisers.
Taskforce will coordinate help for drought affected communities
10 October 2018: Today’s announcement of the new Drought Finance Taskforce, bringing together banks, government departments, elected representatives and peak bodies is an important vehicle to share information and identify ways banks can better assist Australia’s farmers and their local communities doing it tough.
Interim Report of the Royal Commission
28 September 2018: Today’s release of the interim report of the Royal Commission into Financial Services, Insurance and Superannuation, marks a day of shame for Australia’s banks.
ASIC review into breach reporting obligations
25 September 2018: Today’s release of the ASIC report into compliance with breach reporting obligations shows that banks need to identify, report and fix issues more quickly to regain customer trust and ensure they comply with the law.
Help on offer for farmers affected by fruit sabotage
19 September 2018: Australia’s fresh fruit farmers, including strawberry farmers, affected by the ‘fruit sabotage’ issue are being urged to contact their bank to access the assistance on offer which can include deferred loan payments, waiving fees and restructuring loans.
New Banking Code standards should be adopted by entire industry
7 September 2018: The new Banking Code of Practice standards, recently approved by ASIC, should be adopted across the entire industry and include banks which aren’t members of the Australian Banking Association (ABA) such as credit unions, building societies and other lenders to ensure there are no gaps in protections for customers.

What’s new

A sensible path forward for Open Banking
10 May 2018
Open Banking will allow customers, at their request, to share their personal information with other financial institutions to allow them to find a better deal on expenses such as electricity bills, telecommunications and other items.
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ABA blog

Listening to Regional Australia
Anna Bligh, ABA CEO, Australian Banking Association
Read more 22 Jan 2019

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