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.
Contact: Stephanie Arena 0477 470 677
Australian banks today launched a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank.
“Speed is the essence when it comes to getting your money back from a scammer. Even if you’re not sure, even if you just suspect something’s not right, ring your bank as fast as you possibly can.”
The nation’s shift to digital banking is gathering pace, with the number of people leaving home without their wallet or cards, relying on their phone or another device instead, doubling in three years. The rapid changes are captured in a new ABA interactive Spend the Day site.