ASIC’s report into compliance with breach reporting obligations showed that banks were taking years to identify a breach and in many cases were late to tell ASIC of the breach.
The ABA’s chief executive, Anna Bligh, said the report was a wake-up call to the banks to lift their game in fixing issues in their business.
“This investigation shows that banks’ efforts to identify issues, report them to ASIC and compensate customers is not good enough,” she said.
Ms Bligh said customers expected the problems to be identified and solved but the report showed that it was not happening.
“The industry has fully co-operated with the ASIC Enforcement Review and has supported changes including increasing penalties and introducing a civil penalty in addition to the criminal offence for failing to report within the required time frame,” she said.
The government also announced dedicated staff for onsite monitoring in the four main banks and AMP to beef up supervision, and the industry welcomes the oversight, said Ms Bligh.
“This new initiative and others was welcomed by the industry who are working proactively and in good faith with ASIC to improve monitoring and increase transparency within the sector,” she said.
Why is Anna Bligh the ABA Chief Executive? Other than honorary awards, a 1981 Arts degree seems to be her only earned qualification. I also see no banking experience. #somearemoreequalthanothers
Isn’t the ABA the banks’ own association? The NZ equivalent certainly is.
So isn’t it rich to describe them in terms that suggests the ABA is not the banks?