17 March 2017
Sydney, 17 March 2017: The Australian Bankers’ Association has acknowledged today’s report by the Australian Securities and Investments Commission on financial advice compliance.
ABA Executive Director – Retail Policy Diane Tate said banks were working with government and regulators on wide-ranging reforms to turn financial advice into a trusted profession, and improving compliance measures was an important part of that process.
“ASIC has an important role in undertaking regular reviews of the industry and we are committed to working with ASIC and other stakeholders on the findings of this report.
“Banks support improving transparency and accountability, particularly where those measures improve consumer protection,” she said.
“The industry is driving its own reforms to improve the quality of financial advice. This includes a new industry-wide hiring protocol so banks can find out more about a financial adviser’s previous conduct history.
“We are also providing funding to fast track the establishment of a new standards setting body to strengthen education, ethical and professional standards for financial advisers,” Ms Tate said.
The financial advice reforms are being implemented alongside a series of new industry initiatives to better protect customers and improve the culture in banks.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
E&OEInterview on Sky News with Cheng Lei Cheng Lei: Australian banks closed 155 branches over the last year, but the rate of closures has slowed. For the implications, let’s bring in Australian Banking Association Chief Executive and former Liberal Minister Simon Birmingham. Mr Birmingham, welcome to the show – great to talk to you in… Read more »
Australian banks welcome the Federal Government’s release of an updated Regulatory Initiatives Grid, helping to ensure there is more transparency and coordination when new financial rules are introduced. The ABA particularly welcomes new principles that streamline coordination between regulators, reducing duplication and regulatory burden across the industry. ABA CEO Simon Birmingham said the Grid was… Read more »
Australian banks strongly welcome the Federal Government’s announcement of two key measures aimed at curbing financial crime and better protecting consumers. New powers for AUSTRAC to ban high-risk cryptocurrency ATMs and expanding access to Visa Entitlement Verification Online (VEVO) checks by banks will build on ongoing efforts to safeguard Australians from scams and crack down… Read more »