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 Australian Banking Association welcomes the opportunity to provide feedback on the Help to Buy Scheme program directions. Home ownership remains an important financial and lifestyle goal for many Australians and policies that facilitate affordable and sustainable home ownership should remain at the centre of Australia’s housing policy agenda. The ABA notes the purpose of… Read more »
The ABA supports in principle the inclusion of compliance powers in the Electronic Conveyancing National Law (ECNL). However, the ABA considers it critical that the Australian Registrars National Electronic Conveyancing Council (ARNECC) is constituted with the appropriate understanding of the technical and operational details of interoperability, including financial settlement, to enforce its proposed new powers… Read more »
The ABA acknowledges the intent of the RIC in supporting agribusinesses during periods of difficulty, such as natural disaster and drought. While the ABA acknowledges these additional loan categories may be valuable to eligible farmers, we note the RIC was first set up for the purpose of supporting drought affected farmers who may not have… Read more »