15 August 2018
The banking industry supports the intent of the Design and Distribution Obligation (DDO) to assist “consumers select appropriate financial products by requiring issuers and distributors to appropriately market and distribute financial products,” but highlights some concerns around the current draft legislation.
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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 welcomes further clarity on the capital treatment for guarantees under the Scheme. A clear understanding of the capital treatment is critical for an ADI’s mortgage product development and consequential approval under the scheme.
The ABA welcomes any assistance to help first homebuyers to own their own home and supports the Government’s commitment to deliver the First Home Loan Deposit Scheme. Further, the ABA welcomes APRA’s letter to industry clarifying the capital treatment of the guarantee.
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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.