9 September 2016
Sydney, 9 September 2016: The deadline to make a submission to the independent review of commissions and payments in retail banking has been extended to maximise the opportunity for public feedback, the Australian Bankers’ Association said today.
The independent reviewer, Mr Stephen Sedgwick AO, has today extended the deadline for submissions until 23 September 2016.
The review is looking at whether payments made to bank employees and third parties could cause a misalignment of interest with bank customers.
This covers payments relating to selling and advising on retail banking products such as mortgages, credit cards, transaction accounts and small business loans.
“This is an important consultation process and the ABA welcomes more time being given for interested parties to have their say,” ABA Chief Executive Steven Münchenberg said.
“The review is part of a package of initiatives banks have undertaken this year to improve transparency and accountability, and protect customer interests.
“It builds on the Future of Financial Advice reforms which caused changes to remuneration structures in the financial advice industry,” he said.
Any submissions to the review will remain confidential unless otherwise agreed.
More details on the review.
ENDS
Contact: Stephanie Arena 0477 470 677
Latest news
E&OERadio InterviewABC Radio Sydney29 July 2026 Topics: ASIC report into offset accounts Thomas Oriti: Do you have an offset account? I think most people with a mortgage do. If you don’t know what I’m talking about, it’s an account that’s linked to your mortgage and it saves you interest. So, I’ll give you an example…. Read more »
E&OETV InterviewABC News29 July 2026. Topics: ASIC report into offset accounts Ros Childs: Borrowers are being advised to check if they have paid more interest than they should following an ASIC review. The two-year review conducted by the corporate watchdog has found weaknesses in how eight banks monitored and managed offset accounts, resulting in borrowers… Read more »
E&OETV InterviewDoorstop29 July 2026 Topics: ASIC report into offset accounts Journalist: Simon, what’s your reaction to the report from ASIC today? Simon Birmingham: ASIC’s report is really important and it’s welcomed by the banking industry. This report shows that in well over 99 per cent of cases, mortgage offset accounts are working exactly they should… Read more »