7 August 2018
Restoring trust and confidence in Australia’s banks through an open and transparent industry is the joint goal of Government, regulators and the sector.
Banks will work proactively and in good faith with ASIC on the measures announced today to improve monitoring of regulation and increase the transparency of the financial services industry.
While the industry awaits further details of how the new initiatives will operate, it is committed to ensuring it is quickly and efficiently implemented.
Over the past few years the industry has worked with regulators, including ASIC, to implement reforms to help restore community trust and confidence in Australia’s banks. Last week’s announcement of the new Banking Code, approved by ASIC, is an example of the industry and the regulator working together to deliver a better banking system for Australians.
Contact: Rory Grant 0475 741 007
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”