Banks on track with six reform initiatives
Banks have already introduced three of six planned reform initiatives including greater crackdowns on whistleblowing, which is positive progression on the reform agenda of the banking industry, said the Australian Bankers’ Association (ABA).
The progress report from former auditor general, Ian McPhee reviewed the introduction of best practice whistleblowing policies by 19 banks, and the adoption of the usage of the Code of Banking Practice.
The ABA has approved and responded to the three initiatives already introduced which include appointment of customer advocates to improve customer outcomes and conduct background checks on prospective staff, along with the adoption of new whistleblower protections.
Commenting on the progress so far, ABA chief executive Anna Bligh said the changes had already delivered tangible benefits for customers and should continue to do so.
“Introducing these initiatives will better protect customer interests and increase transparency and accountability,” she said.
“The banking industry is currently undergoing the greatest program of reforms seen in decades. It’s vital that the momentum continues.”
“The industry understands that through the combination of leadership, performance management, remuneration structures, behavioural standards and culture, a real difference is being achieved.”
AUTHOR
Hope William-Smith
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
