14 November 2018
There are no excuses for the behaviour that has been exposed by the Royal Commission.
We as Australia’s banks accept full responsibility for these failures and right now are working to make
this right for customers who have been hurt. The ABA thanks all those customers who have come
forward to give evidence along with Commissioner Hayne and his team for the comprehensive
examination of the issues.
It is clear throughout the report, and the hearings, that there were several themes of unacceptable
behaviour. These include a focus on sales rather than service, poor culture and the way staff and third
parties were paid.
Latest articles
The ABA thanks ASIC for the opportunity to comment on its discussion paper on the dynamics between public and private markets.
The ABA welcomes APRA providing clarity on the proposed targeted changes for Higher Education Loan Program (HELP) debt obligations and the constructive approach it is taking on this consultation.
The ABA welcomes APRA’s consultative approach to the potential impacts of the proposed replacement of AT1 capital with higher amounts of CET1 and Tier 2 capital under APRA’s prudential framwork in Australia.