17 March 2017
Sydney, 17 March 2017: The Australian Bankers’ Association has acknowledged today’s report by the Australian Securities and Investments Commission on financial advice compliance.
ABA Executive Director – Retail Policy Diane Tate said banks were working with government and regulators on wide-ranging reforms to turn financial advice into a trusted profession, and improving compliance measures was an important part of that process.
“ASIC has an important role in undertaking regular reviews of the industry and we are committed to working with ASIC and other stakeholders on the findings of this report.
“Banks support improving transparency and accountability, particularly where those measures improve consumer protection,” she said.
“The industry is driving its own reforms to improve the quality of financial advice. This includes a new industry-wide hiring protocol so banks can find out more about a financial adviser’s previous conduct history.
“We are also providing funding to fast track the establishment of a new standards setting body to strengthen education, ethical and professional standards for financial advisers,” Ms Tate said.
The financial advice reforms are being implemented alongside a series of new industry initiatives to better protect customers and improve the culture in banks.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
The ABA has today released the findings of a strategic review undertaken by Accenture into the roll-out of Australia’s Consumer Data Right (CDR) regime. The CDR went live to customers of major banks in July 2020, and to customers of other banks in July 2021. Approaching 4 years since its launch, the ABA commissioned Accenture… Read more »
The Australian Banking Association welcomes ASIC’s approval of an updated Banking Code of Practice that will continue to drive better banking outcomes for customers. The updated Code strengthens consumer protections by providing customers with safeguards that are in addition to the law. ABA CEO Anna Bligh said this Code will provide an even higher… Read more »
Australia’s digital banking boom is continuing with payments by mobile wallets surging by 35 per cent in the last year alone, according to a new report released today by the Australian Banking Association. The 2024 ‘Bank On It’ Report shows that in the last year alone customers made $126 billion in payments with their mobile… Read more »