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.
The response incorporates initiatives on loan deferrals and lending, banking accessibility, and electronic conveyancing and electronic mortgages. These measures were designed to support consumers and businesses through this difficult time and intended to mitigate the impacts of COVID-19 on bank
The ABA has set up a natural disasters work program that reports to our 16 Council members in order to clarify, strengthen and streamline the banking industry’s response to natural disasters to ensure that they have the right tools for the job at the right time.
By the beginning of March 2020, the major banks had provided bushfire assistance grants totalling $7.6 million to more than 4,000 customers across Australia. The banks had also raised more than $42 million in donations to help devastated communities and assisted more than 3,500 customers with financial relief packages of the types described below.
The ABA supports the ongoing development and expansion of the Consumer Data Right (CDR). As the first sector to launch with Open Banking, the banking industry has contributed significantly to operationalising the CDR vision through expertise within the sector as well as providing the Open Banking systems through which the first consumer data will flow in the CDR.