7 August 2018
Restoring trust and confidence in Australia’s banks through an open and transparent industry is the joint goal of Government, regulators and the sector.
Banks will work proactively and in good faith with ASIC on the measures announced today to improve monitoring of regulation and increase the transparency of the financial services industry.
While the industry awaits further details of how the new initiatives will operate, it is committed to ensuring it is quickly and efficiently implemented.
Over the past few years the industry has worked with regulators, including ASIC, to implement reforms to help restore community trust and confidence in Australia’s banks. Last week’s announcement of the new Banking Code, approved by ASIC, is an example of the industry and the regulator working together to deliver a better banking system for Australians.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Good afternoon and thank you to the Trans-Tasman Business Circle for the invitation to speak today. I want to welcome you all here today for this event and the critically important subject I will be talking about, the emerging contribution gap between Australia’s domestically domiciled company and the rise of big tech. It is a timely moment to take stock. In… Read more »
Australia’s banks contributed a record $16 billion in taxes and other levies in the 2025 financial year, enough to fund over 370 million bulk-billed GP appointments, according to a new report released today by the Australian Banking Association. The Contribution Gap: Tax and regulatory imbalances in the digital age, highlights the critical role banks play… Read more »
The ABA welcomes the release today of Treasury’s exposure draft legislation to regulate Australia’s cash-in-transit sector. ABA CEO Simon Birmingham said this regulatory framework was an essential piece in the puzzle of ensuring cash remains available to Australians who still use it. “This is a welcome step and will be an important safety net in… Read more »