22 March 2019
While our member banks have taken steps to remove these conflicts of interest, the industry has advocated for a legislative approach to implementation of these reforms to ensure consistency across the industry and overcome practical and contractual challenges to fully removing conflicted remuneration.
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The ABA agrees that capital and funding, tax, skills and talent, culture and regulation are key factors that determine Australia’s competitive position to attract and maintain investment in technology. However, the ABA respectfully requests to also consider how Australia should best manage data in the emerging digital economy.
The ABA supports the alignment of APS 117 with the Basel Committee on Banking Supervision interest rate risk in the banking book issued April 2016 where appropriate.
The ABA supports ASIC finalising this review and releasing updated regulatory guidance as soon as possible to provide clarity and assist credit licensees comply with their responsible lending obligations.
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Australian banks are ready to help those affected by the devastating bushfires. Assistance can include deferral of loan repayments and waiving of fees and charges.
If you’ve been affected by the bushfires, contact your bank’s hardship team and get help today.