fbpx
Skip to main content
Tropical Cyclone Seroja: Emergency Assistance

ABA responds to financial advice compliance report

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

1 / 3
Media Releases
Support available for customers affected by Tropical Cyclone Seroja
15 April 2021

Australian banks are ready to help customers in Western Australia who are rebuilding after the destruction inflicted by Tropical Cyclone Seroja. Communities in WA’s mid-west were devastated by the cyclone last week, when it crossed the coast near the town of Kalbarri. Geraldton, Northampton, Binnu, Chapman Valley, Mingenew and a number of other towns were… Read more »

Read more
Media Releases
Banks unite to help customers experiencing financial abuse
4 April 2021

Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse.

Read more
Media Releases
Banks call for consistent laws to prevent elder abuse
31 March 2021

Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse.

Read more