5 March 2019
ABA member banks have committed to and are taking significant steps to change their processes and culture to ensure there is no repeat of the cases heard at the Royal Commission.
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The ABA’s has specific comments on the following chapters: Third parties and related parties Implementation of controls Internal audit Attachment B: Training and awareness Attachment C: Identity and access
The ACCC’s draft Rules provide a good foundation for the implementation of open banking, however there are a number of areas that have not been addressed in the draft Rules or which require further guidance.
Recommendation 1.15 should be implemented in a manner consistent with Commissioner Hayne’s clear intention to preserve the benefits and fundamental self-regulatory characteristics of financial sector codes.
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Banks are determined to fix the problems
The final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been released.