As our industry failed to address the myriad of scandals that plagued our industry over the last couple of years the ABA announced a number of inquiries designed to head off the increasing calls for a Royal Commission.
In April 2016 the ABA announced that they would undertake reviews in the following areas
1. Reviewing product sales commissions
2. Making it easier for customers when things go wrong
3. Reaffirming our support for employees who ‘blow the whistle’ on inappropriate conduct
4. Removing individuals from the industry for poor conduct
5. Strengthening our commitment to customers in the Code of Banking Practice
6. Supporting ASIC as a strong regulator
This body of work is being overseen my Mr Ian McPhee AO PSM who is releasing a report every quarter on the progress of the ABA's initiatives.
Mr McPhee's most recent report can be found here