fbpx
Skip to main content
New Financial Assistance Hub

Major banks acknowledge parliamentary inquiry process

7 October 2016

Sydney, 6 October 2016: The Australian Bankers’ Association today acknowledged the House of Representatives Standing Committee on Economics’ Inquiry this week had provided a valuable forum for major banks to respond to issues of interest to the Committee and outline the progress already being made to address them.

Steven Münchenberg, Chief Executive of the ABA, said the banks involved had welcomed the opportunity to provide their perspectives on various industry issues, challenges and opportunities.

“As an industry, we know we haven’t always lived up to the expectations of all of our customers and the wider community. The banks are acknowledging those issues and more importantly they are addressing them,” he said.

“The Inquiry this week raised a wide range of important issues, many of which are already being addressed by the Federal Government or industry initiatives. 

“There were also a number of ideas and proposals raised that merit further substantive consideration and the banks will be evaluating these at the next meeting of the ABA Council.

“That said, the banking industry is committed to taking action right now to deal with major issues and deliver better outcomes for customers,” he said.

Mr Münchenberg said the banking industry’s six point reform package launched in April 2016 included independent reviews into:

  • Pay structures that put incentives for bank staff ahead of customer needs. The review is being conducted by former Australian Public Service Commissioner Stephen Sedgwick AO with a final report expected in March 2017.

  • The Code of Banking Practice to lift standards of conduct and culture. The review is being conducted by former ASIC executive Phil Khoury who is due to report by December 2016.

The next progress report on the delivery of the industry’s reform package will be made by an independent expert, former Auditor-General Ian McPhee AO PSM, by 21 October 2016. 

The banking industry’s six point reform package is running in parallel with separate Government reviews into: 

  • Finding faster and better ways for customers to get justice if they feel they are treated unfairly (the Ramsay Review, which reports in March 2017). 

  • The treatment of small business customers (the Carnell Review, which is due to report by the end of 2016).

Mr Münchenberg said the ABA and the banks intend to set out detailed responses to the matters raised by the Committee in the coming weeks, including responses to various questions on notice that were taken over the past three days, so that the Committee would be in a position to finalise its recommendations.

“We believe there is an opportunity to accelerate the timetable on a range of initiatives and we will be exploring this with our members and with the Committee, particularly on matters where there is general agreement on the need for action sooner rather than later.” 

ENDS

Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913

@austbankers

bankers.asn.au

Latest news

1 / 3
Media Releases
Early signs of success in war against scammers 
15 March 2024

The Australian Banking Association welcomes the release today of a new report from the National Anti-Scam Centre showing that industry and government measures to tackle scams are protecting more Australians.     The latest quarterly report shows that overall scam losses in the 2023 December quarter were down by 43% compared to the same quarter last year.  … Read more »

Read more
Media Releases
Banks welcome Federal Government’s commitment to a regulatory roadmap 
11 March 2024

The Australian Banking Association welcomes the Federal Government’s decision to introduce a financial sector regulatory initiatives grid.   ABA CEO Anna Bligh said providing a clearer picture of the future regulatory landscape would allow the Government to implement policy initiatives whilst at the same time reducing the compliance burden on industry.   “Banks recognise that regulation is vitally important… Read more »

Read more
Media Releases
Financial safety front of mind this International Women’s Day 
8 March 2024

This International Women’s Day, the Australian Banking Association has reaffirmed the sector’s unwavering commitment to protecting women’s financial safety and security.     In Australia, one in six women will experience financial abuse over the course of their lifetime. The 2024 IWD theme “Count Her In” is an opportunity to talk about the types of financial abuse… Read more »

Read more