The Australian Banker’s Association agreed to resource a joint consumer submission to the current review with the Financial Rights Legal Centre engaged by the Consumer Federation of Australia to consult with consumer representatives to prepare this submission. Eighteen consumer organisations have endorsed the submission.
Trust and confidence in the financial services sector, particularly the banking sector remains low. While Consumer Representatives do acknowledge that the banking sector has been working in many areas to improve the way they engage with consumers, there remains a number of areas where banks can work harder to improve their relationship with consumers, particularly with those in financial hardship and other vulnerable Australians.
