29 August 2016
Sydney, 29 August 2016: After four months of silence on its terms of reference for a royal commission into banking, Labor has instead cut and pasted part of its May dissenting report from the PJC inquiry into impaired bank loans.
“In regurgitating the dissenting report of the Parliamentary Joint Committee (PJC) on Corporations and Financial Services, Labor has suggested terms for a royal commission that are vague and open ended,” Australian Bankers’ Association Chief Executive Steven Münchenberg said today.
“The rest of the PJC didn’t agree with Labor’s terms and found no “evidence that demonstrates that there was widespread or systematic illegal behaviour by banks”.
“Having said that, the banking industry acknowledges there have been issues and we are working to fix those with our industry reform package we released in April,” Mr Münchenberg said
“An independent review is being conducted by a former Australian Public Service Commissioner into how bank staff are paid.
“Banks are also addressing community concerns about bad apples moving around the industry, the handling of customer complaints and the treatment of whistleblowers.”
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
The ABA has today announced that former ASIC Deputy Chair Peter Kell will undertake the five yearly independent review of the Banking Code of Practice, the rule book that sets standards of service for customers. The Code sets out consumer protections and safeguards that are in addition to the law for individuals, small business customers… Read more »
ABA welcomes today’s move by the Reserve Bank of Australia to designate Armaguard under the recently legislated Cash Distribution Framework Act. ABA CEO Simon Birmingham said this was an important step in providing ongoing stability to the distribution and availability of cash across the economy. “The Cash Distribution Framework is an important piece of regulatory… Read more »
E&OERadio InterviewABC Sunshine Coast3 September 2026. Topics: Upcoming card surcharge ban Tim Wong-See: Now, from the start of next month, credit card surcharge fees are being abolished following a recommendation from the Reserve Bank of Australia. So, all those extra charges that annoy a lot of you when it comes to tap and pay will… Read more »