ABA WELCOMES THE MARCH 2002 COMMENCEMENT FOR FINANCIAL SERVICES REFORM BILL Sydney, 30 August, 2001: The Australian Bankers’ Association (ABA) has welcomed the 11 March 2002 start date for the new Financial Services Reform (FSR) Bill. ABA Chief Executive David Bell said the banking industry supports the start date decision made by the Financial Services and Regulation Minister, Joe Hockey, at this morning’s FSR Roundtable in Canberra. "The new regime will enhance the efficiency of the financial regulatory system, and at the same time, deliver high levels of consumer sovereignty and protection," Mr Bell said. "The decision to start on 11 March 2002 is good news for consumers and for banks. It will allow adequate time for banks to prepare for a smooth and seamless transition to this regime." "There is a lot of work ahead - banks may need to give their staff extra training and put in place some new systems to ensure compliance by March next year." "The additional time given to industry will help to minimise any confusion about the FSR Bill which will ultimately benefit bank customers." "I would also like to commend the dedicated and committed work being done by the Australian Securities and Investment Commission in the development of the FSR policy papers and also Commonwealth Treasury which continues to work on the regulations." "Throughout the numerous consultations on FSR, Minister Hockey, Treasury and ASIC have all been willing to consult on the regime to ensure it is both workable and world best practice. For Further Information Contact:   Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439   ENDS