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see what’s happened in the Australian banking sector
New guidelines to be applied by Australia’s banks to debt collection agencies have been released today, providing a major step up in safeguards to ensure vulnerable customers are protected. The new guidelines outline the process banks must follow before they sell any debt and also what happens once that debt is sold. This includes: Proactively… Read more »
Australians facing financial difficulties as a result of fires raging across New South Wales and Queensland are being encouraged to contact their bank for assistance when they are able to do so. CEO of the Australian Banking Association Anna Bligh said that banks have hardship teams ready to assist customers affected by the fires. … Read more »
The Stop Elder Financial Abuse campaign today held a Federal Parliament launch to brief Members and Senators on the actions needed to tackle the growing problem. Speaking at the launch Attorney General Christian Porter announced his plan for the next Council of Attorneys General meeting to set baseline standards of a national model of Power… Read more »
Australia’s banks stand ready to assist the ACCC in this inquiry. Banks are no stranger to public scrutiny and look forward to the opportunity to cast more light on mortgage pricing and the many important factors that influence the setting of interest rates. The first priority of Australia’s banks is the implementation of the Royal… Read more »
Competition between banks remains strong, with millions of Australians switching banks for home loans, credit cards and transaction accounts last year, according to a newly-released report by Deloitte Access Economics commissioned by the Australian Banking Association. While a strong majority of customers are satisfied with their financial products, the Deloitte report showed 2.8 million customers switched to new banks or financial providers for… Read more »
Banks welcome today’s release of the Sylvan Review, which charts a path forward to strengthen Australia’s financial counselling sector. The Review highlights the importance of financial counsellors in helping Australians who are struggling to repay their debts, manage their household budgets and provide for their families in a difficult environment. Banks actively participated in the… Read more »
The Australian Banking Association has today partnered with Toowoomba Chamber of Commerce to brief the local business community and stakeholders on the new rule book for banks, the new Banking Code of Practice, and the ‘financing your small business’ website. In force since July 1 this year, the new ASIC approved Banking Code of Practice… Read more »
The new Banking Code of Practice, came into operation on 1 July 2019. On the 22nd May, the ABA applied for authorisation from the ACCC to further amend the Code by adopting the recommendations from the Royal Commission. These recommendations relate to default fees on farm properties during natural disasters, prevention of informal overdrafts… Read more »
Australians affected by the bushfires in NSW and QLD are encouraged to contact their bank to access a wide range of assistance available. CEO of the Australian Banking Association (ABA) Anna Bligh said that banks stand ready to assist customers affected by bushfires, offering a range of services including deferred loan repayments, waiving fees and… Read more »
South Australian small businesses, or those looking to start one, are being encouraged not to hold back in seeking finance, with research by the Australian Banking Association (ABA) revealing a 94% loan approval rate from member banks and a new online resource now available with all the tips and tools needed to apply. The ABA… Read more »
For the first time the Australian Banking Association (ABA) Council of CEOs, its governing body, has held its quarterly meeting in a regional centre. The Council met with local community leaders and groups, including Bendigo Mayor Margaret O’Rourke, local business chamber Be.Bendigo, the Salvation Army and Rural Financial Counsellors. ABA Chair and ANZ CEO… Read more »
If you’ve ever dreamed of throwing in the towel at work and starting your own business, you’re not alone. In fact, more than nine million Australian’s dream of being their own boss. Research commissioned by the Australian Banking Association, found that while millions of people have dreamed of working for themselves and starting a business,… Read more »
Australia’s banks have welcomed the Government’s timetable for legislative change following the Hayne Royal Commission and will work with the Commonwealth to continue implementing the Commission’s recommendations. While the forward agenda for the required legislative changes was announced this morning, banks are well down the track of implementing recommendations for which they are responsible to… Read more »
The Australian Banking Association (ABA) has today announced it is joining forces with Bauer Media to expand its campaign to tackle elder financial abuse. The campaign, Stop Elder Financial Abuse, launches today in Sydney as newly released research reveals almost 6 in 10 Australians are worried that someone they know will be the victim of… Read more »
Today’s passage of the Consumer Data Right legislation charts the way forward for a more innovative and customer focussed banking industry that will deliver better deals for Australians. CEO of the Australian Banking Association Anna Bligh said today’s passage of the Consumer Data Right legislation through the Parliament would create the legal foundation for Open… Read more »
The announcement today by the Government of the introduction of legislation for the Consumer Data Right is an important step to making the Open Banking reforms a reality for Australian bank customers. Open Banking will allow customers, at their request, to share their personal information with accredited institutions, including other banks, to allow them… Read more »
Australia’s banks will comply with a strong new code of practice that significantly increases and enshrines customer protections and introduces tough new penalties for breaches from tomorrow. The ASIC-approved Banking Code of Practice represents the most significant increase to customer protections under a code in the industry’s history. From 1 July, under the new Banking… Read more »
While the cost of living for Australian families continues to rise, bank fees charged to households have dropped by 6.5% over the last 12 months, the largest fall since 2010, according to the latest RBA data. While the cost of living for Australian families continues to rise, bank fees charged to households have dropped by… Read more »
The Australian Banking Association welcomes the reappointment of Treasurer the Hon Josh Frydenberg MP and the new appointments of the Hon Michael Sukkar MP as Assistant Treasurer and Minister for Housing and Senator Jane Hume as Assistant Minister for Superannuation, Financial Services and Financial Technology. The industry is committed to earning back the trust… Read more »
Today’s announcement of a Social Impact Investing Taskforce and three trial sites is a welcome step by the Federal Government and answers the banking industry’s call for a clear direction on this innovative solution to tackling entrenched disadvantage. CEO of the Australian Banking Association Anna Bligh said banks welcome the announcement by the Treasurer, Minister… Read more »