The Australian Banking Association (ABA) is the information source for the news media on the Australian banking industry, providing information, analysis and context on industry issues.
The ABA plays an active role in the public dialogue on banking and financial services, providing commentary on broader industry issues and facilitating access to other sources of information.
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Today’s passage of the Consumer Data Right legislation charts the way forward for a more innovative and customer focussed banking industry that will deliver better deals for Australians. CEO of the Australian Banking Association Anna Bligh said today’s passage of the Consumer Data Right legislation through the Parliament would create the legal foundation for Open… Read more »
The announcement today by the Government of the introduction of legislation for the Consumer Data Right is an important step to making the Open Banking reforms a reality for Australian bank customers. Open Banking will allow customers, at their request, to share their personal information with accredited institutions, including other banks, to allow them… Read more »
The 2019 Banking Code of Practice commenced on 1 July 2019.
Australia’s banks will comply with a strong new code of practice that significantly increases and enshrines customer protections and introduces tough new penalties for breaches from tomorrow. The ASIC-approved Banking Code of Practice represents the most significant increase to customer protections under a code in the industry’s history. From 1 July, under the new Banking… Read more »
While the cost of living for Australian families continues to rise, bank fees charged to households have dropped by 6.5% over the last 12 months, the largest fall since 2010, according to the latest RBA data. While the cost of living for Australian families continues to rise, bank fees charged to households have dropped by… Read more »
The Australian Banking Association welcomes the reappointment of Treasurer the Hon Josh Frydenberg MP and the new appointments of the Hon Michael Sukkar MP as Assistant Treasurer and Minister for Housing and Senator Jane Hume as Assistant Minister for Superannuation, Financial Services and Financial Technology. The industry is committed to earning back the trust… Read more »
Deloitte have released their report outlining observations and recommendations from the Post-Implementation Review of the ABA’s Customer Advocate Initiative.
Enhancing Corporate Integrity in Banking: The Royal Commission has had a profound and enduring effect on the structure, culture and operation of banking in this country, forever searing in their minds the high cost of misconduct to reputation, brand and shareholder value.
Today’s announcement of a Social Impact Investing Taskforce and three trial sites is a welcome step by the Federal Government and answers the banking industry’s call for a clear direction on this innovative solution to tackling entrenched disadvantage. CEO of the Australian Banking Association Anna Bligh said banks welcome the announcement by the Treasurer, Minister… Read more »
‘Unquestionably good’ means going above and beyond the expectations of customers with products, services and, importantly, behavior.
Customers at risk of elder financial abuse, those exiting a violent relationship and someone experiencing an unexpected long-term illness are among the focus of new ‘vulnerable customer guidelines’, on which public consultation opens today. The consultation, open to the public, will result in a new industry guideline on supporting vulnerable customers, to complement the new… Read more »
Today’s release of a consultation paper about further enforcement of industry codes is welcomed by Australia’s banks, who look forward to working with regulators and the Treasury to identify what more can be done to further enforce its new Banking Code of Practice.
The banking industry welcomes a new independent report by former Public Service Commissioner Mr Stephen Sedgwick AO, released today, which has found that banks are on track to meet their 2020 deadline to overhaul staff pay, a critical issue highlighted by the Royal Commission, while also noting there is more work to be done to ensure full implementation.
Farmers, small business owners, customers living in remote areas or with limited English and Australians with basic bank accounts will receive new protections under a revamped Banking Code of Practice in response to the Final Report of the Royal Commission.