Submissions

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Ending Grandfathered Conflicted Remuneration for Financial Advisers

22 March 2019

While our member banks have taken steps to remove these conflicts of interest, the industry has advocated for a legislative approach to implementation of these reforms to ensure consistency across the industry and overcome practical and contractual challenges to fully removing conflicted remuneration.

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Coordination and funding of financial counselling

21 March 2019

There is significant unmet demand for financial counsellors and the banking industry supports additional funding to meet this need.

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Resolution of disputes with financial service providers within the justice system

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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2019 Australian Payments Plan Consultation

1 March 2019

The people who currently use cash most heavily, or are least digitally-active, are often those in potentially vulnerable circumstances, including consumers living in remote communities and the elderly

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Consumer Data Right Bill Inquiry

28 February 2019

The Privacy Safeguards should be aligned with the Australian Privacy Principles where possible, particularly in relation to Privacy Safeguard 4.

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A sharing economy reporting regime – Consultation paper

22 February 2019

The ABA does not support reporting by financial institutions (option 2) and agrees with the submission of the Australian Payments Network that such a reporting regime would not meet Treasury’s stated criteria of a good reporting regime.

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ASIC Industry Funding Model and Registry Search Fees

8 February 2019

The ABA supports the CCM initiative and its members are committed to co-operating with ASIC to ensure its success. The ABA supports the principle that costs of the close and continuous monitoring program should be contributed to by industry.

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Response to Treasury: Privacy Impact Assessment – Consumer Data Right

18 January 2019

It is important that the Consumer Data Right appropriately balances efficiency in the transfer of data and the risks to consumers’ privacy. The Privacy Impact Assessment (PIA) is an important step in achieving this balance.

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The digital economy and Australia’s corporate tax system

13 December 2018

Banks in Australia contribute a significant quantum of total corporate taxes paid in Australia and do not structure their tax affairs through low taxing jurisdictions. They were, therefore, not the obvious target of the recent OECD Base Erosion and Profit Shifting (BEPS) actions.

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Credit and financial services targeted at Australians at risk of financial hardship

14 November 2018

All Australians should be afforded consistent consumer protection, no matter which credit or financial services provider they choose. For customers at risk of financial hardship, these consumer protections are particularly important.

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