Banks reinforce commitment to consumers

The Australian Bankers’ Association (ABA) has appointed an independent expert to oversee the implementation of recently introduced measures by banks to protect consumer interests.

Steven Münchenberg, chief executive of the ABA, said Ian McPhee has been appointed to form an independent judgement of whether the banking industry is making appropriate progress towards delivering on its commitments, based on evidence provided by banks and consultations with other interested groups including regulators, consumer representatives, community organisations, unions and other finance sector representatives.

“Mr McPhee will report quarterly on the industry’s progress, with the first report to be released by 21 July 2016,” Mr Münchenberg said.

“Mr McPhee’s role will continue until the industry’s commitments have been substantially implemented.”

Mr McPhee has over 30 years’ experience working in the public sector, and was previously the Auditor-General for Australia for 10 years, retiring in 2015. He is currently a member of the International Ethics Standards Board for Accountants and has also been a member of the Australian Accounting Standards Board and the Australian Auditing and Assurance Standards Board.

In 2015, Mr McPhee was made an officer of the Order of Australia for his distinguished service to public administration, particularly in the areas of accountability and policy development.

[Related: Banks welcome government review]

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