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

Banks to continue Royal Commission reform

12 November 2020

Australia’s banks are ready for the next phase of implementation of Royal Commission recommendations, after the introduction of legislation into federal parliament today.


Implementing the changes remains a priority for the banks, and significant steps have already been taken to respond to the recommendations.

The final report of the Royal Commission includes 76 recommendations; 31 relevant to banks, 8 of which were directed at the industry to implement with the remaining number to be implemented by regulators and Government.

Banks have already fully implemented five of these recommendations, including substantial changes to the Banking Code of Practice, with progress being made implementing the remaining three.

“Australian banks have already been acting on the findings of Commissioner Hayne and remain fully engaged for this next phase”

ABA CEO Anna Bligh

“Australian banks have already been acting on the findings of Commissioner Hayne and remain fully engaged for this next phase”, said Australian Banking Association CEO Anna Bligh.

“Banks have partnered with the government during the pandemic to support customers and the economy and look forward to continuing that engagement as the Royal Commission legislation is considered”, she said.

The ABA will continue to work with the Government and regulators on the next round of changes and will be ready for their implementation from next year.


Royal Commission: changes in progress

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