ABA fifth progress report highlights good progress towards ABA reforms
20 July, 2017
Westpac Group today welcomed Ian McPhee’s fifth quarterly report, highlighting the good progress made by the banking industry in implementing the ABA’s Six Point Plan.
Westpac Group CEO, Brian Hartzer, said Westpac and the industry have progressed from examining and developing initiatives to build customer trust, to implementing significant milestones as part of the Six Point Plan.
“In the period since the last report, the industry has worked together to implement the Conduct Background Check Protocol which will help to remove individuals from the industry who have breached the law or committed serious misconduct. This is an important step in strengthening the culture and conduct of the industry and provides additional certainty around Westpac’s robust recruitment practices.
“We have also continued to work with the industry on redrafting the Code of Banking Practice, to ensure a higher degree of protection for our customers, and taken further action to remove individual product-specific sales targets for personal bankers to ensure our practices are aligned to good customer outcomes,” said Mr Hartzer.
Along with other initiatives implemented in line with the ABA Plan, including the appointment of a Customer Advocate, Westpac is pleased these efforts have been recognised, with Mr McPhee noting that there are signs of the reforms starting to gain traction.