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Statement from Anna Bligh

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.

ENDS
Contact: Rory Grant 0475 741 007

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