29 July 2026
E&OE
TV Interview
Doorstop
29 July 2026
Topics: ASIC report into offset accounts
Journalist: Simon, what’s your reaction to the report from ASIC today?
Simon Birmingham: ASIC’s report is really important and it’s welcomed by the banking industry. This report shows that in well over 99 per cent of cases, mortgage offset accounts are working exactly they should be, but it does demonstrate there are some failures. Importantly, those customers are being compensated, those problems fixed and it identifies how systems can be improved to ensure it doesn’t happen again.
Journalist: Offset accounts are a basic banking function, it’s not too complex. How are banks getting this so wrong?
Simon Birmingham: It’s a very small proportion of mistakes that have happened, and what ASIC’s report shows is it’s often due to manual system processes in isolated cases, or communication’s failures in some cases. All of those things can and should be fixed, and that’s why we welcome the report and the opportunity to ensure that our aspiration to get this right in 100 per cent cases is something that we can support.
Journalist: What are banks doing to get it right?
Simon Birmingham: Banks are constantly investing in new technology platforms to ensure that these systems are easy for customers to use and as accurate as possible in terms of delivery of services to those customers. Many banks have legacy platforms, but they’re constantly updating and upgrading to make sure that they are the most cutting-edge technologies to get things as right possible.
Journalist: So, 99 per cent of it goes well, but ASIC said today that they don’t actually, banks themselves don’t know the true scale of how many customers might be impacted by this.
Simon Birmingham: So, ASIC’s report looked at 204 000 accounts and found problems in just hundreds of those accounts. Now that’s still not acceptable, and it’s why those customers are being compensated, issues fixed and banks taking steps to ensure the system overall is rectifying any of these issues.
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