The banking industry supports regulation that establishes a stable, competitive and efficient Australian financial system and allows it to fulfil its central role as an enabler of economic growth.
Australia’s financial sector has benefited from significant structural reform over the past 30 years and is recognised for its strong and transparent regulatory framework. This helped the nation to weather the global financial crisis better than most advanced economies.
It is vital that we continue to ensure that we have the best financial system to meet the future needs of customers, investors, employees and the broader community. The ABA will continue to engage closely with the Government and regulatory agencies to advocate for regulatory and policy settings that preserves the strength of our financial system and the economy.
Guiding principles – improving protections for whistleblowers
The highest set of whistleblower protections is being implemented across all banks for the benefit of the sector’s 145,000 employees. The aim is to improve existing policies to ensure bank staff feel confident they can report inappropriate behaviour without fear of adverse consequences.
In December 2016, the ABA released new principles to help banks ensure their whistleblower policies meet the highest standard. This means, among other things, the whistleblower policy is endorsed by the board, is monitored for effectiveness, and there is zero tolerance of retaliation against whistleblowers.
Personal Properties Securities
Following commencement of the Personal Property Securities Register in January 2012, the opportunity has been taken by two industry associations, the Australian Banking Association (ABA) and the Australian Finance Industry Association (AFIA), to make available to the banking and finance industry and its advisers a set of industry model priority and release documents as a way of improving efficiency of operations and reducing costs. Please follow the link above to access the documents.