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.
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“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.