Media releases

The Australian Banking Association is the information source for the news media on the Australian banking industry, providing information, analysis and context on industry issues.

Banks welcome ‘one stop shop’ for resolving disputes
31 October 2018: The newly created Australian Financial Complaints Authority, to begin operation on November 1, is an important step to streamlining dispute resolution, making it easier to access and easier to understand for customers.
Ending fees for no service, grandfathered payments
10 October 2018: Australia’s banks will change the Banking Code of Practice to overhaul the way they manage a customer’s estate when they have died and end ‘fees for no service’ across the industry. Further to this they will seek new legislation to end grandfathered payments and trail commissions for financial advisers.
Taskforce will coordinate help for drought affected communities
10 October 2018: Today’s announcement of the new Drought Finance Taskforce, bringing together banks, government departments, elected representatives and peak bodies is an important vehicle to share information and identify ways banks can better assist Australia’s farmers and their local communities doing it tough.
Interim Report of the Royal Commission
28 September 2018: Today’s release of the interim report of the Royal Commission into Financial Services, Insurance and Superannuation, marks a day of shame for Australia’s banks.
ASIC review into breach reporting obligations
25 September 2018: Today’s release of the ASIC report into compliance with breach reporting obligations shows that banks need to identify, report and fix issues more quickly to regain customer trust and ensure they comply with the law.
Help on offer for farmers affected by fruit sabotage
19 September 2018: Australia’s fresh fruit farmers, including strawberry farmers, affected by the ‘fruit sabotage’ issue are being urged to contact their bank to access the assistance on offer which can include deferred loan payments, waiving fees and restructuring loans.
New Banking Code standards should be adopted by entire industry
7 September 2018: The new Banking Code of Practice standards, recently approved by ASIC, should be adopted across the entire industry and include banks which aren’t members of the Australian Banking Association (ABA) such as credit unions, building societies and other lenders to ensure there are no gaps in protections for customers.
No more volume-based bonuses for mortgage brokers
28 August 2018: Australia’s mortgage broking industry has ended the use of volume-based bonus commissions, campaign-based commissions, and other volume-based bonus payments. This is one of the main findings of an interim report prepared by the Combined Industry Forum.
Statement from Anna Bligh
7 August 2018: Restoring trust and confidence in Australia’s banks through an open and transparent industry is the joint goal of Government, regulators and the sector. Banks will work proactively and in good faith with ASIC on the measures announced today to improve monitoring of regulation and increase the transparency of the financial services industry.
Response to Productivity Commission final report
3 August 2018: Australian banks welcome competition and compete not only through price, but through constant innovations to product features and experiences. Banks are constantly working to ensure customer satisfaction and the availability of quality products.

What’s new

A sensible path forward for Open Banking
10 May 2018
Open Banking will allow customers, at their request, to share their personal information with other financial institutions to allow them to find a better deal on expenses such as electricity bills, telecommunications and other items.
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ABA blog

Customers at centre of mortgage industry overhaul
Christine Cupitt, Executive Director - Policy, Australian Banking Association
Read more 1 Feb 2018

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