Submissions

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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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Submission 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.

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Regulations for Design and Distribution Obligations and Product Intervention Powers

13 November 2018

These regulations would extend the operation of the Design and Distribution Obligations to additional financial products. This submission outlines the ABA's concerns regarding some aspects of this proposal.

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