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On The Record

Action continues on banking industry reforms

Action continues on banking industry reforms

Commonwealth Bank welcomes the fourth report by Mr Ian McPhee into the comprehensive banking industry reform program launched by the ABA in 2016.

Commonwealth Bank welcomes the release of the fourth report by Mr Ian McPhee into the comprehensive banking industry reform program launched in April last year. 

In the 12 months since the program began, Commonwealth Bank has: 

  • Committed to implementing the 21 recommendations from the Sedgwick Review into retail bank staff remuneration, many by 1 July 2017;
  • Launched a new customer advocate function where customers can have complaints independently reviewed;
  • Provided customers with more ways to manage their credit cards; the ability to reduce credit limits, SMS reminders of repayment dates and, coming soon, the ability to close a credit card online in a few simple clicks; 
  • Enhanced its whistleblower policy to ensure it aligns with global best practice, protecting a broader group of people; 
  • Started simplifying our contracts, sending new terms and conditions to more than 10 million deposit holders; and
  • Participated in the first industry switching roundtable to understand customer barriers to switching banks.

Commonwealth Bank Group Executive Retail Banking Services Matt Comyn said the release of the McPhee report today provided an important update on the progress being made by Commonwealth Bank and the whole industry.

“We know that customers expect more from us and this report provides an update on the significant reforms we are working to deliver to provide even greater confidence and better outcomes for our customers. 

 “We’ve made changes to some of our products to make them simpler for customers to use and we've also launched new services, like our customer advocate function.

“We know there is still much more to do and it’s good to see the progress we’re making as an industry recognised in today’s report by Mr McPhee,” Mr Comyn said.

Commonwealth Bank continues to work with the industry to progress the Better Banking initiatives to improve trust and confidence for customers and the community. Some of the reforms that will positively benefit customers include a revitalised Code of Banking Practice, a new debt repayment service, and a range of initiatives to support the vitality of Australian farmers and small business.