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Financial services regulation

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Banking System Reform (Separation of Banks) Bill 2019
9 Apr 2019
The ABA does not support this Bill and has concerns with the drastic regulatory intervention it proposes. The industry's existing reform program will be more efficient, less costly and less disruptive to the economy and community.
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Ending Grandfathered Conflicted Remuneration for Financial Advisers
22 Mar 2019
While our member banks have taken steps to remove these conflicts of interest, the industry has advocated for a legislative approach to implementation of these reforms to ensure consistency across the industry and overcome practical and contractual challenges to fully removing conflicted remuneration.
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Consumer Data Right Bill Inquiry
28 Feb 2019
The Privacy Safeguards should be aligned with the Australian Privacy Principles where possible, particularly in relation to Privacy Safeguard 4.
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Response to Treasury: Privacy Impact Assessment – Consumer Data Right
18 Jan 2019
It is important that the Consumer Data Right appropriately balances efficiency in the transfer of data and the risks to consumers’ privacy. The Privacy Impact Assessment (PIA) is an important step in achieving this balance.
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The digital economy and Australia’s corporate tax system
13 Dec 2018
Banks in Australia contribute a significant quantum of total corporate taxes paid in Australia and do not structure their tax affairs through low taxing jurisdictions. They were, therefore, not the obvious target of the recent OECD Base Erosion and Profit Shifting (BEPS) actions.
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Credit and financial services targeted at Australians at risk of financial hardship
14 Nov 2018
All Australians should be afforded consistent consumer protection, no matter which credit or financial services provider they choose. For customers at risk of financial hardship, these consumer protections are particularly important.
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Regulations for Design and Distribution Obligations and Product Intervention Powers
13 Nov 2018
These regulations would extend the operation of the Design and Distribution Obligations to additional financial products. This submission outlines the ABA's concerns regarding some aspects of this proposal.
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Consumer Data Right Industry Designation
23 Oct 2018
The ABA believes that each industry would be better served by a designation tailored to their industry, rather than a broad instrument that is attempting to serve as a template.
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Design and Distribution Obligations and Product Intervention Powers (Senate)
18 Oct 2018
ABA members support the intent of the design and distribution obligations (DDO) to assist “consumers select appropriate financial products by requiring issuers and distributors to appropriately market and distribute financial products.”
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Updated Consumer Data Right Exposure Draft
16 Oct 2018
The ABA believes that having a well-designed reciprocity mechanism within the CDR is key to ensuring customers reap the full benefits of the data that is held regarding them.

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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