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. Submissions can be sent to submissions@retailbankingremunerationreview.com.au. 

More details on the review, including Terms of Reference, are available at the ABA’s Better Banking website. 

ENDS

Contact: Stephanie Arena 0477 470 677

@austbankers

bankers.asn.au