8 February 2022
The ABA provides input to the Banking Code Compliance Committee (BCCC) consultation on its 2022-23 compliance priorities. In addition to its response on the six consultation questions, the ABA acknowledges the critical role the BCCC plays in both monitoring and enforcing banking sector compliance with the Banking Code of Practice and identifying best practice for banks to help achieve compliance in the best interests of customers. The ABA also acknowledges the BCCC submission to the Banking Code Triennial Review and looks forward to working closely as the ABA leads the development of an updated Code.
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To assist consistency of implementation across the industry, the Australian Banking Association has developed industry position on a range of aspects regarding the implementation of APRA’s revised capital framework.
The ABA welcomes APRA’s ongoing engagement regarding the implementation of the revised APS 117 and provides the attached estimate of the associated compliance costs.
Australian banks are using new technologies to increase efficiency and to provide new and more responsive services to customers. We propose the government focus on: simplifying or rationalising existing legislation that impact on the use of AI and ADM, in preference to new specific AI regulations; any regulatory intervention including setting best practice guidance should build on existing best practices and harmonise with sector specific regulation; and review and amend legislation to be neutral as to whether a human or technology is used to make decisions or conduct a process.