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
In conjunction with the Australian Financial Complaints Authority (AFCA), the ABA is pleased to announce the appointment of former ASIC Commissioner Mr Sean Hughes as the next Chair of the Banking Code Compliance Committee (BCCC). Mr Hughes served as a Commissioner at ASIC from 2018 to 2023 and brings deep expertise in financial services… Read more »
The CSLR was intended to give basic protection to mum and dad-type investors. It should not be a collectively funded vehicle for removing investment risk from society.
Australian banks are rolling out disaster support to customers affected by the current bushfires in Victoria. ABA CEO Simon Birmingham said banks were continuing to monitor the evolving situation across Victoria and are on standby to assist impacted customers. “This is an extremely challenging time for many Victorian communities, households and businesses,” Mr Birmingham said. “There are now special arrangements in place for those who may need additional financial assistance from their bank in the coming days, weeks and months. “Banks have highly… Read more »