9 September 2016
Sydney, 9 September 2016: The deadline to make a submission to the independent review of commissions and payments in retail banking has been extended to maximise the opportunity for public feedback, the Australian Bankers’ Association said today.
The independent reviewer, Mr Stephen Sedgwick AO, has today extended the deadline for submissions until 23 September 2016.
The review is looking at whether payments made to bank employees and third parties could cause a misalignment of interest with bank customers.
This covers payments relating to selling and advising on retail banking products such as mortgages, credit cards, transaction accounts and small business loans.
“This is an important consultation process and the ABA welcomes more time being given for interested parties to have their say,” ABA Chief Executive Steven Münchenberg said.
“The review is part of a package of initiatives banks have undertaken this year to improve transparency and accountability, and protect customer interests.
“It builds on the Future of Financial Advice reforms which caused changes to remuneration structures in the financial advice industry,” he said.
Any submissions to the review will remain confidential unless otherwise agreed.
More details on the review.
ENDS
Contact: Stephanie Arena 0477 470 677
Latest news
Michael McLaren (Host): Well, here we are at the Easter Show, the great celebration of country life in the city, but it’s also an important platform this to better understand the challenges that the regions face. Now, yesterday, we looked at the floods. Today, I want to look at the banks. Now in the regions,… Read more »
The ABA is reminding customers across North and Far North Queensland that they don’t have to tough it out on their own, as they continue to recover from February’s severe flooding event. ABA CEO Anna Bligh recently met with Queensland’s State Recovery Coordinator Andrew Cripps to discuss how banks can assist customers facing financial difficulty… Read more »
Banks stand ready to support customers in western Queensland and parts of New South Wales affected by heavy rainfall and flooding. ABA CEO Anna Bligh said customers don’t have to tough it out on their own and banks have a range of practical measures to assist those facing financial stress. “This is a challenging time… Read more »