Banking industry committed to working with government on RC changes

20 August 2019
| By Chris Dastoor |
image
image
expand image

Australia’s banking industry say they welcome the Government’s timetable for legislative changes as a result of the Royal Commission and would work with them to implement the recommendations.

Of the 76 recommendations from the Commission, eight were specific to the banking industry, with most changes tabled for completion by 1 March, 2020.

This included all banks to agree to review renumerations systems annually, with a focus on good customer outcomes in addition to the delivery of tasks.

Anna Bligh, Australian Banking Association (ABA) chief executive, said those recommendations included six specific to the banking code.

“The ABA has already drafted provisions implementing five of the changes, had them agreed to by banks and submitted them to the regulators for approval. These are now on track for full implementation by March 2020,” Bligh said.

The ABA had established a 'Royal Commission Taskforce' that would oversee the industry’s implementation of the recommendations.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 4 months ago
Kevin Gorman

Super director remuneration ...

1 year 4 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 4 months ago

Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transf...

15 hours ago

The International Monetary Fund (IMF) has issued a sobering assessment of the global economic landscape in its latest World Economic Outlook, dramatically revised after D...

18 hours ago

Growth from the listed company’s key businesses has propelled Generational Development Group to new milestones in the three months to 31 March....

18 hours 19 minutes ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND