Royal Commission: changes in progress
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.
More than 57,000 customers have received hardship assistance during recent lockdowns across Australia.
“Many people don’t realise how prevalent financial abuse is and that it may be a red flag for future violence.”