Skip to main content
Financial Assistance Hub

More time to have your say on bank employee pay

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

1 / 3
Media Releases
Banks welcome more progress to modernise payments system rules
9 October 2025

The ABA welcomes today’s release of the exposure draft legislation to modernise the regulation of payment service providers. ABA CEO Simon Birmingham said the proposed reforms represent another important step towards ensuring Australia’s payments system remains safe, secure and fit-for-purpose. “Australians now have access to a range of payment options and no matter how they… Read more »

Read more
Media Releases
Finalisation of independent pricing model report to support cash distribution
3 October 2025

Deloitte Access Economics has now determined its recommended regulated pricing model for Armaguard’s Cash-in-Transit services. The final independent pricing mechanism report has been provided to Armaguard as well as the major banks and major retailers.  This is an important milestone in working to keep cash available around Australia, even while people are using less of… Read more »

Read more
Transcript
ABA CEO Simon Birmingham transcript of interview on ABC RN Breakfast with Sally Sara
24 September 2025

E&OERadio InterviewABC RN Breakfast with Sally SaraWednesday, 24 September 2025. Sally Sara (Host): Reserve Bank Governor Michelle Bullock has hit out at Australia’s big four banks for standing in the way of making shopping cheaper for customers. The RBA wants to ban surcharges on card payments. To fund the ban, it wants to dramatically cut… Read more »

Read more