Commonwealth Bank today welcomes the first quarterly report from Mr Ian McPhee into how the banking industry is progressing with new initiatives announced by The Australian Bankers’ Association in April this year.

The report highlights key milestones which have been met in establishing comprehensive new measures to protect consumer interest, increase transparency and accountability and build trust and confidence in banks.

“Today’s report from Mr McPhee shows that the reform process from the industry is well under way,” Matt Comyn, Group Executive Retail Banking Services said.

“We understand that there are issues which we need to address and we’re committed to keep working hard to ensure we have the right culture and practices in place.

“The industry reforms we’ve committed to are significant and we’ll work with our peers, regulators and other stakeholders to ensure that we deliver on these commitments. Ultimately however everything comes down to the customer and making sure we’re working to improve the experience they have with Commonwealth Bank,” Mr Comyn said.

Today’s report provides an update on key elements of the initiatives, including the establishment of independent reviews into the Code of Banking Practice and commissions and payments in retail banking.

More information and a copy for the report is available at betterbanking.net.au.