24 November 2016
Sydney, 24 November 2016: The Australian Bankers’ Association has today acknowledged the comprehensive House of Representatives Standing Committee on Economics’ report from its inquiry into the four major banks.
ABA Chief Executive Steven Münchenberg said Australia’s banks were committed to protecting consumer interests, increasing transparency and accountability, and building trust and confidence in banks.
“Consumers are demanding action now, and we are responding,” he said.
“The industry is making major changes that address concerns about how bank staff are rewarded, the protection of whistleblowers, the handling of customer complaints and dealing with poor conduct. We are doing this with independent oversight.
“Further reforms are being introduced by the Federal Government, including higher standards for financial advisers and greater powers and resourcing for ASIC. We support these changes.
“Many of the committee’s recommendations build upon reforms already underway to make banking better for all Australians.
“Banks are improving the way they handle customer complaints by appointing dedicated customer advocates to ensure complaints are appropriately escalated and responded to within specified timeframes.
“If customers are not satisfied with how their bank handles a complaint, we agree it should be easier to get help externally. The ABA supports having a one-stop-shop to handle disputes or direct people where to go.”
Mr Münchenberg said the banking industry had consistently supported reasonable measures to enhance competition.
“Australia’s financial services industry is competitive. Consumers can choose from 150 APRA-regulated providers, 3,600 home loan products and 190 credit cards.
“Banks recognise the importance to customers of being able to access their data so they can get the most out of their financial products and services. But this has to be balanced with protecting customers’ privacy and the security of their financial information,” he said.
The industry will examine the committee’s recommendations in detail and await the Government’s formal response to the report.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
E&OERadio InterviewABC RN Breakfast with Sally SaraWednesday, 24 September 2025. Sally Sara (Host): Reserve Bank Governor Michelle Bullock has hit out at Australia’s big four banks for standing in the way of making shopping cheaper for customers. The RBA wants to ban surcharges on card payments. To fund the ban, it wants to dramatically cut… Read more »
The ABA today acknowledges and thanks outgoing ASIC Chair Joe Longo for his strong leadership as Chair of ASIC for the past five years. ABA CEO Simon Birmingham said Mr Longo had made a significant contribution to ensuring Australia has a fair financial system focused on the interests of both investors and consumers. “The ABA… Read more »
E&OETV InterviewSky News Business with Ross GreenwoodWednesday, 17 September 2025 Topics: Banning of card surcharging; Interchange fees Ross Greenwood (Host): Simon Birmingham recently was appointed Chief Executive of the Australian Banking Association and he joins me now. Simon, good to chat. You’ve been in this studio many, many times before of course, so just good… Read more »