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AFCA Scam Fact Sheet Response
9 March 2021 Private
The ABA is raising material concerns about the intent and content of the factsheet and seeks discussions with AFCA prior to the factsheet being finalised. Such guidance include what may constitute a warning flag about age and how banks should act in particular circumstances and when banks should consider stopping a payment. Guidance from AFCA can ensure greater consistency in banks’ responses to scams. The ABA considers the purpose of the factsheet needs to be clarified and be more focused. The ABA believes the factsheet should focus on content directed at consumers, and content that is directed at industry should be in a separate document. ABA asks AFCA to include information that provides a fuller context for discussions about scams.
Download PDFSupplementary Guidance on the Audit of Risk Culture
5 March 2021 Private
Emergent concepts, such as risk culture, require an iterative pathway to institutionalisation or maturity. The ABA believes that a common understanding of risk culture, and therefore the audit of risk culture, is in its early stages. It would not be reasonable to insist on the mature state as a first stage given the disparate levels of capacity and capability at banks. The ABA suggests that further detail be provided on some of the recommendations to explain the reason for the recommendation and to provide further information for consideration.
Download PDFIncreasing the Statutory Demand Threshold
5 March 2021 Private
The ABA supports an increase in the statutory demand threshold to $10 000: • The change should take effect from 1 July 2021 or three months after amending instruments take effect. • The effects of the change should be reviewed, especially with a view to assessing the effects of the increase on unsecured creditors’ ability to recover debts.
Download PDFASIC CP335 – Update to RG 256 – consumer remediation
3 March 2021 Private
As part of its review of RG 256, the ABA encourages ASIC to consider flexible and innovative approaches to ensure customers are compensated in both a fair and timely way. We are concerned that some of the proposals outlined in the consultation paper could make remediation programs more complex, not less,and continue to exacerbate some of the regulatory and practical barriers the industry faces returning money owed to customers.
Download PDFModernising Business Communications
3 March 2021
The ABA welcomes the Government’s establishment of the Deregulation Taskforce (Taskforce). The proposed reforms to modernise business communications have the potential to reduce business costs and reflect the way Australian consumers and businesses prefer to manage their financial affairs today. The ABA particularly welcomes the Taskforce’s whole-of-economy approach by working to improve technology neutrality across Commonwealth laws, and importantly – partnering with states and territories to explore opportunities to achieve national consistency.
Download PDFTreasury Laws Amendment (2021 Measures No. 1) Bill 2021
3 March 2021 Private
The ABA considers it crucial for the temporary relief to be extended to 16 September 2021, or later, in the form as proposed under the TLA Bill. This would avoid the disruption and costs that will ensue if businesses and consumers were to lose the benefit of the temporary reforms
Download PDFWhite Label Arrangements
26 February 2021 Private
The ABA holds several concerns relating to the current guidance on white label arrangements. Most significantly, the current guidance has the potential to undermine existing commercial arrangements.
Download PDFThe bankruptcy system and the impacts of coronavirus
21 February 2021
The current economic circumstances have not changed the views that we expressed in response to the proposal to shorten the default period for bankruptcy that was contained in the Bankruptcy Amendment (Enterprise Incentives) Bill 2017.
Download PDFPrudential Standard CPS 511 Remuneration
15 February 2021 Private
The ABA supports the principles-based definition of Specified Roles such as Material Risk Takers (MRT) and Risk and Financial Control Personnel (RFCP). It will be within the remit of each bank to identify key staff in accordance with the risk, accountability, and remuneration levels attributed to existing and newly developed job descriptions. Further, the ABA is supportive of the revised definition of Highly-Paid Material Risk Takers (HPMRT), which is now based on the ‘awarded variable remuneration’.
Download PDFTreasury consultation on licensing debt management firms
12 February 2021 Private
The ABA supports the Government’s proposal to licence debt management and credit repair firms. We believe that all Australians should be afforded consistent consumer protections, no matter which credit or financial services provider they choose.
Download PDFCritical Infrastructure Bill 2020
12 February 2021
The ABA strongly supports the Government’s intentions. The SOCI Act needs to clearly specify: • Rules will be written in close consultation with the affected entities and their sectoral regulators (for banks, this includes the RBA and APRA). • Direct action should be taken, and directions issued only in very close consultation with the entities, and in coordination with sectoral regulators. • Rules, directions or government action should not constrain an entity from adopting new and emerging technology.
Download PDFInternal Dispute Resolution Reporting Requirements (CP 311)
12 February 2021 Private
Recommendation 1: adopt a customer-centric approach to complaint resolution Recommendation 2: publication of IDR data needs to be sensitive and fair Recommendation 3: consideration needs to be given to complaint referrals
Download PDFCredit Exposures and Provisions (ARS 220.0)
11 February 2021 Private
The ABA looks forward to continuing engagement on ARS 220 as part of the implementation of APRA Connect and a move towards collecting data through concept-dimension models. Collecting data in such a way is, in the long-term, likely to reduce the regulatory data burden on entities and allow APRA to be more responsive to novel data requests.
Download PDFTasmanian Farm Debt Mediation Scheme
5 February 2021 Private
The ABA has been a strong advocate for the national adoption of a nationally consistent legislation FDM scheme. The banking sector commends the Tasmanian Government for adopting the Royal Commission recommendation 1.11 for the enactment of a national scheme.
Download PDFCredit Reform
3 February 2021 Private
The Australian Banking Association (ABA) supports the Government’s reforms to the National Consumer Credit Protection Act. So much has changed since 2009 that it is only sensible for the Government to review the legislative and regulatory framework. Ensuring the efficient flow of credit into the economy with strong consumer protections in place will assist Australia’s recovery from the pandemic.
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