22 December 2020
The Banking Industry Conduct Background Check Protocol is intended to promote good conduct and ethical behaviour, by formalising obligations for protocol subscribers to ask a series of fact-based questions as part of the hiring process about whether the individual is subject to an ongoing Misconduct Investigation, or was dismissed or resigned in specific circumstances relating to Misconduct, so they can make their own informed recruitment decisions.
ABA Reference Checking & Information Sharing Protocol for Financial Advisers
From 1 October 2021, the ASIC Reference Checking & Information Sharing Protocol has come into effect and sets out the obligations that financial services licensees must comply with. It overtakes the ABA protocol for financial advisers, which now ceases to apply.
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”