Powered by MOMENTUM MEDIA
subscribe to our newsletter

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.

Advertisement
Advertisement

PROMOTED CONTENT


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]

Banks reinforce commitment to consumers
mortgagebusiness

Latest News

Banks have approved $41 billion in loans for SMEs, while about 70 per cent of SME loan applications received the green light, ABA figures sh...

The central bank is expecting lenders to exhaust the $200 billion in low-cost funding offered via the term funding facility, helping to acce...

Melbourne last week held its largest number of auctions in two months, according to new data. ...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Victoria’s surprising appetite for new homes

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.