Deferred Sales Model Exemptions
9 August 2021
The ABA supports the Government’s proposed regulations to exempt insurance products from the deferred sales model that provide high value and are well understood by consumers. This provides a more targeted approach to add-on insurance products subject to the deferred sales model and will address consumer harms and poor value identified by the Royal Commission without affecting the availability and accessibility of high value insurance products. However, the ABA considers there is further room to refine the proposed regulations in relation to business insurance.
Download PDFFinancial Regulator Coordination and Information Sharing
24 January 2020
The ABA supports the codification of the expectation that where one regulator possesses information about an obvious and significant breach of laws administered by the other, the regulator should pass that information on. This will ensure early detection of misconduct and swifter enforcement action.
Download PDFEnforceability of financial services industry codes
18 April 2019
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.
Download PDFSubmission to the Royal Commission Interim Report
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.
Download PDFRoyal Commission Round 5 – Superannuation
21 September 2018
In a market where many customers are disengaged and use a default fund, visiting a bank branch may be one of the few occasions where they can have their attention drawn to their superannuation.
Download PDFRoyal Commission Round 4 – Rural and Remote Communities
3 August 2018
Many of the poor outcomes experienced by consumers in the Round 4 case studies are likely to be improved with the implementation of industry reforms currently in train.
Download PDFRoyal Commission Round 3 – Small Business Lending
8 June 2018
Self-regulation of the banking industry through the Banking Code of Practice is adequate to address any residual concerns raised in the context of the Round 3 Hearings about the coverage of obligations imposed on the banks.
Download PDFSubmission to the Banking, Super & Fin Services Royal Commission
9 March 2018
In recent years there have been a number of instances where banks have failed to meet the expectations of their customers and of the community.
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