ABA submission to ASIC on Future of Financial Advice: Conflicted remuneration

The response incorporates initiatives on loan deferrals and lending, banking accessibility, and electronic conveyancing and electronic mortgages. These measures were designed to support consumers and businesses through this difficult time and intended to mitigate the impacts of COVID-19 on bank
customers.

The ABA has set up a natural disasters work program that reports to our 16 Council members in order to clarify, strengthen and streamline the banking industry’s response to natural disasters to ensure that they have the right tools for the job at the right time.

By the beginning of March 2020, the major banks had provided bushfire assistance grants totalling $7.6 million to more than 4,000 customers across Australia. The banks had also raised more than $42 million in donations to help devastated communities and assisted more than 3,500 customers with financial relief packages of the types described below.

The ABA supports the ongoing development and expansion of the Consumer Data Right (CDR). As the first sector to launch with Open Banking, the banking industry has contributed significantly to operationalising the CDR vision through expertise within the sector as well as providing the Open Banking systems through which the first consumer data will flow in the CDR.