25 September 2018
Today’s release of the ASIC report into compliance with breach reporting obligations shows that banks need to identify, report and fix issues more quickly to regain customer trust and ensure they comply with the law.
CEO of the Australian Banking Association Anna Bligh said that this report was a further wake up call to the banks to lift their game in quickly fixing issues in their business.
“This investigation shows that banks efforts to identify issues, report them to ASIC and compensate customers is not good enough,” Ms Bligh said.
“Customers expect these problems to be identified and fixed as soon as possible. Clearly this report shows there’s a lot of work to be done.
“The industry has fully cooperated with the ASIC Enforcement Review and has supported changes including increasing penalties and introducing a civil penalty in addition to the criminal offence for failing to report within the required timeframe.
“In August the government announced that ASIC would assign dedicated staff for onsite monitoring in the country’s four major banks and AMP to beef up supervision of governance and compliance with the law.
“This new initiative and others was welcomed by the industry who are working proactively and in good faith with ASIC to improve monitoring and increase transparency within the sector,” she said.
Contact: Rory Grant 0475 741 007
“the earlier that people speak to their bank, the more likely it is that the bank can find a solution that will work and keep the customer out of financial strife.”
Twenty of Australia’s most influential business and finance peak bodies have come to an unprecedented consensus on the need for sustainability reporting.
“Over the past eight years, Mr Byres has provided strong leadership… particularly through the very stormy economic waters of recent times.”