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ABA welcomes ASIC expansion of customer remediation

16 September 2016

Sydney, 15 September 2016: The Australian Bankers’ Association has welcomed the Australian Securities and Investments Commission’s guidance on customer remediation programs released today. 

“We are pleased that ASIC has confirmed in its guidance that remediation programs can apply to all financial advice and products,” ABA Executive Director – Retail Policy Diane Tate said.

“It is important that customers who are impacted by inappropriate advice are treated in a consistent way, irrespective of the type of advice received or the financial product.

“For example, remediation programs can apply in relation to basic banking products, not just with financial advisers giving advice on complex products,” Ms Tate said.

ENDS

Contact: Stephanie Arena 0477 470 677

@austbankers

bankers.asn.au

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