Australia's leading banks promise action under the Better Banking Program.
Australia's leading banks promise action under the Better Banking Program.

Leading banks commit to Better Banking program

IMPORTANT changes in the Australian banking system are on the cards, with the Australian Banking Association yesterday launching its Better Banking Program.

These banks promise to continue raising standards, service and trust in the banking industry, which if delivered, will have a positive impact on the Seniors community.

The key new initiatives are:

  • Support for customers in financial difficulty.
  • Making financial hardship support programs more accessible.
  • Working with financial counsellors to support the set-up of a new debt repayment service to help people manage multiple debts.
  • More support for farmers and small businesses.
  • Helping customers to understand how to switch accounts and banks.

The chairman of ABA, Andrew Thorburn, said: "Our focus is on our customers and ensuring as an industry we provide the right service and right products to meet their needs."

"We have heard the concerns of Australians and we are committed to taking action so that banking with all of us is a better experience," he added.

Some of the other initiatives in the Better Banking program include:

  • The appointment of customer advocates in each bank.
  • Improved protection for whistleblowers.
  • Identify and share information about financial advisers with a history of poor conduct, to help stop these advisers moving around the industry.
  • New resources about banking, including a list of the most common types of bank fees and how to avoid them, and a step-by-step guide on how to make a complaint with your bank.
  • Advocating for the introduction of a new compensation scheme for consumers who have received poor advice from a financial adviser so they aren't left out of pocket if that adviser goes out of business.

The full list of new initiatives is at www.bankers.asn.au


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