fbpx
Skip to main content
Get step-by-step help: Financial Assistance Hub

ABA responds to parliamentary report

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

@austbankers

bankers.asn.au

Latest news

1 / 3
Media Releases
ABA welcomes APRA’s Climate Information Paper
30 November 2022

The CVA released today will inform future industry efforts in using scenario analysis as a tool for understanding climate change related financial risks.

Read more
Transcript
Transcript: Anna Bligh on ABC NewsRadio – maternity leave lending
28 November 2022

“A number of our banks actually have maternity leave lending products that are specific to people on parental leave, paid and unpaid, to help them through, what as I said, can be a difficult time.”

Read more
Media Releases
Number of SMEs growing, despite economic challenges, ABA report
24 November 2022

The number of micro businesses grew 10% to 1.55 million in the year to June 2022. During the same period, the number of small businesses grew 3% to 955,861 after an extraordinary period of growth during the 2021 financial year, jumping 15% to 931,791.

Read more