ABA letter to the editor, The Australian 29 October 2016

An edited version was published in The Weekend Australian, 29 October 2016

The claim in The Australian that banks opposed the Future of Financial Advice legislation (Financial advice scandal widens, 28 Oct, pg. 1, Business news) is false and unfounded. Banks strongly supported the reforms and, in particular, the introduction of the best interests duty and the ban on conflicted remuneration for financial advisers. We focused on ensuring the new rules raised the quality of financial advice customers receive, without making it harder for them to conduct low-cost, simple banking transactions.

Steven Münchenberg
Chief Executive
Australian Bankers' Association

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