To help licensees design and execute consumer-centred remediation programs, ASIC has recently released a practical field guide titled ‘Making it right: How to run a consumer-centred remediation’ (the Field Guide).

A consumer-centred remediation is one that puts the interests of consumers at the heart of every stage of the remediation. The Field Guide outlines

As the financial sector waits for the Australian Prudential Regulation Authority (APRA) to fully awaken the Banking Executive Accountability Regime (BEAR) through the provision of further guidelines, there is already a lot of chatter as to whether BEAR should be extended beyond its initial coverage of APRA-regulated Authorised Deposit-taking Institutions (ADIs).

The Parliamentary Joint Committee

In April 2016, the Australian Bankers’ Association (ABA) initiated the Banking Reform Program Better Banking (Program).[1]   The Program was developed to protect consumer interests, increase transparency and accountability, and to build consumer trust and confidence in banks through a range of initiatives.

Edelman Intelligence has conducted two rounds of