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Latest submissions

The Australian Banking Association provides submissions to Governments, regulators and other organisations about issues affecting the banking and financial services industry.

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Submission to the Royal Commission Interim Report
14 Nov 2018
There are no excuses for the behaviour that has been exposed by the Royal Commission. We as Australia’s banks accept full responsibility for these failures and right now are working to make this right for customers who have been hurt. The ABA thanks all those customers who have come forward to give evidence along with Commissioner Hayne and his team for the comprehensive examination of the issues. It is clear throughout the report, and the hearings, that there were several themes of unacceptable behaviour. These include a focus on sales rather than service, poor culture and the way staff and third parties were paid.
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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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International Capital Framework Comparability
12 Nov 2018
While the ABA supports ‘unquestionably strong’ capital ratios, the ABA agrees with APRA that this embedded conservatism makes it more difficult and/or costly for Australian ADIs to access international capital markets if these Australian differences are not well understood, particularly during times of market dislocation.
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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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APRA Discussion Paper: Revisions to the related entities framework for ADIs
4 Oct 2018
The ABA is cognisant of the size and complexity of the task APRA has in finalising and calibrating a number of significant reforms to the Australian prudential framework. The ABA looks forward to continued dialogue to ensure an appropriate implementation of the capital framework for Australian ADIs.
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Royal Commission Round 5 - Superannuation
21 Sep 2018
In a market where many customers are disengaged and use a default fund, visiting a bank branch may be one of the few occasions where they can have their attention drawn to their superannuation.
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Consumer Data Right Exposure Draft Response
7 Sep 2018
ABA members support the introduction of a consumer data right that will encourage innovation and enable customers to benefit from data sharing while ensuring their privacy is safeguarded. Appendix available here.
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Product Intervention and Design and Distribution Obligations (Treasury)
15 Aug 2018
The banking industry supports the intent of the Design and Distribution Obligation (DDO) to assist “consumers select appropriate financial products by requiring issuers and distributors to appropriately market and distribute financial products,” but highlights some concerns around the current draft legislation.
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Royal Commission Round 4 - Rural and Remote Communities
3 Aug 2018
Many of the poor outcomes experienced by consumers in the Round 4 case studies are likely to be improved with the implementation of industry reforms currently in train.
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ABA Response to Australian Financial Complaints Authority rules consultation
6 Jul 2018
The ABA appreciates the opportunity to comment on the proposed AFCA rules and expresses our view that its operation should be efficient and effective and that decision processes should be transparent and clear as this is in the best interest of 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

Customers at centre of mortgage industry overhaul
Christine Cupitt, Executive Director - Policy, Australian Banking Association
Read more 1 Feb 2018

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