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 Illawarra22 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering; Scam prevention efforts by banks Melinda James: Well, this is a big and growing problem. There were 13,000 bank accounts shut down by the four major Australian banks in the financial year 2023–24. So, how big a problem… Read more »
Thank you for the opportunity to appear alongside our friends and colleagues at COBA today. The Cash Distribution Framework Bills are a critical step to provide security to the long-term availability of cash in Australia. Our written submission sets out our position in detail. Today I will focus on a few key points. The banking industry is committed to ensuring that Australians who… Read more »
E&OERadio Interview2SM Sydney21 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering Tim Webster: Look, we spoke to Peter Price from Crime Stoppers, the boss at Crime Stoppers, about this banking mules. I mean, this ridiculous situation where the young ones are coerced into being, you know, money mules and… Read more »