In 1999, Minister for Financial Services and Regulation, Joe Hockey, responded to the Wallis review: “The Government’s goal is to increase competition… in banking while it preserves integrity, security and fairness”.
Hockey established the FSAC to provide advice on the application of self-regulation.
He said:
I have a great belief in allowing [banks] to regulate themselves… [If they are] unable to maintain appropriate standards through self-regulatory means… I will look to prescribe the Codes to make lack of compliance illegal and subject to enforcement under the Trade Practices Act…
The ABA key appointments:
2000 - Richard Viney; appointed to review 1996 Code;
2001 - David Bell; was appointed as ABA Chief Executive;
2002 - Gail Kelly; was elected as ABA Deputy;
2003 - John McFarlane; replaced David Murray as Chair.
In the Viney submissions:
Joint Consumers said: ‘compliance with monitoring, complaints handling, enforcement of sanctions against banks breaching the Code, public reporting of compliance and powers to remove Code subscribers.
ASIC requested: ‘external monitoring, provisions to sanction, publicity of breaches and regular Code review…
Standards Australia stated: issue of fairness in complaints procedures must be available to the public and public should be given reasons for a decision not to uphold complaint, and information about appeal rights.
In 2004, the banks demonstrated their lack of ethics by discarding all the principles of fairness by restricting the Code monitors from carrying out their duties. FIND MORE...
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