13 December 2016
Sydney, 13 December 2016: The Australian Bankers’ Association has today acknowledged the one month delay of the report of the Code of Banking Practice review.
ABA Executive Director – Retail Policy Diane Tate said the independent reviewer, Mr Phil Khoury, had requested more time to adequately deal with the breadth and complexity of issues.
“The ABA recognises that the process to review the Code is extensive and requires thorough consultation and engagement,” she said.
“We acknowledge that Mr Khoury needs more time to be able to produce the best outcome – a report which clearly identifies the pathway to improve the Code.
“We look forward to receiving the report by the end of January next year with recommendations on how banks can strengthen their commitments to customers and improve standards of behaviour,” Ms Tate said.
More information, including a status report published by the independent reviewer, is available on the review website at cobpreview.crkhoury.com.au.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
The ABA welcomes APRA’s proposals to make the internal ratings-based (IRB) accreditation process simpler and more transparent, giving mid-sized banks a competitive boost. ABA CEO Simon Birmingham said the changes would support competition and deliver better outcomes for customers. “This is a practical and sensible pro‑competition step from APRA,” Mr Birmingham said. “When fully implemented,… Read more »
E&OEInterview on Sky News with Cheng Lei Cheng Lei: Australian banks closed 155 branches over the last year, but the rate of closures has slowed. For the implications, let’s bring in Australian Banking Association Chief Executive and former Liberal Minister Simon Birmingham. Mr Birmingham, welcome to the show – great to talk to you in… Read more »
Australian banks welcome the Federal Government’s release of an updated Regulatory Initiatives Grid, helping to ensure there is more transparency and coordination when new financial rules are introduced. The ABA particularly welcomes new principles that streamline coordination between regulators, reducing duplication and regulatory burden across the industry. ABA CEO Simon Birmingham said the Grid was… Read more »