BANKS LISTENING TO CONCERNS, CONTINUED SELF REGULATION WILL DELIVER BEST RESULTS FOR THE COMMUNITY Sydney, 15 December, 2000: Australian banking and financial service providers are listening to a wide range of community concerns through self-regulatory initiatives - the best way in most circumstances that corporations can play their part in fulfilling community needs. Jeff Oughton, acting chief executive of the Australian Bankers' Association, said: "There are a number of ways that the banking industry is already listening to community concerns. "This is already happening through the independent review of the Code of Banking Practice which has received many submissions from a wide range of groups, covering issues in the Consumer Rights Journal on banking released today. The review of the Code is providing a good opportunity for customers, groups and government to have their say about financial service providers. "Additionally, the ABA also recently helped initiate the Human Rights and Equal Opportunities Commission's Community-Wide Forum, which is working on improving access to e-commerce and in particular electronic banking for older Australians and people with a disability. "Some concerns are already being addressed as a high priority of the industry. Frank Cicutto, the Chairman of the ABA, is expected to soon announce a new program of community consultation. He has indicated that the ABA is happy to sit down with any politician, community or customer group to discuss any concerns. "Banks readily accept their mutual obligations and recognise there are differences between how banks see their role in society and the expectations of some parts of the community. "Government-imposed obligations are not the answer. Mutual obligations require all stakeholders to understand the competing demands on banking service providers. We also need to be careful about how much of Australia's social welfare is shifted to major corporations, such as banks. "The vast majority of Australian customers, and more generally the community, have benefited from increased competition and the technological and financial innovation that is sweeping through the Australian financial services sector and society. "Continued self regulation, rather than black letter legislation, will continue to deliver the benefits to the community and is the best approach for our safe, accessible, innovative and competitive financial system. "This approach is supported by the report (released earlier this week) of the Taskforce on Industry Self Regulation which received strong endorsement from the Minister for Financial Services and Regulation, Joe Hockey." For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     ENDS