Australia’s leading banks are changing various aspects of how they do business, to make banking better and respond to concerns about the culture in banks. A comprehensive reform program began in 2016, and the Australian Bankers’ Association has published a report outlining the industry’s progress one year on.
The Better Banking program was launched in January 2017 following comprehensive research into what consumers like and don’t like about banking, and what is needed to make banking better.
Independent Expert – Mr Ian McPhee
Former Auditor-General, Mr Ian McPhee AO PSM, is overseeing the implementation of the initiatives announced by the industry in April 2016, which form part of the Better Banking program.
These initiatives are:
- Independent review of retail banking remuneration and overarching principles on how banks pay staff
- Getting problems fixed
- Resolving disputes
- Protecting whistleblowers
- Stopping poor conduct moving around the industry
- Independent review of the Code of Banking Practice
Mr McPhee has been consulting with stakeholders, including regulators and consumer and finance sector representatives, and releasing quarterly progress reports. His latest progress report was released on 20 October 2017.
A copy of Mr McPhee’s earlier reports can be accessed below:
Mr McPhee welcomes feedback from the public as part of his role. If you would like to pass on any thoughts directly to Mr McPhee, please select his name in the subject of this contact form.
About Mr McPhee
Mr McPhee has over 30 years’ experience working in the public sector and for ten years was the Auditor-General for Australia, retiring in 2015. He is currently a member of the International Ethics Standards Board for Accountants and a non-executive director of a listed company outside of the finance sector.
Mr McPhee has also been a member of the Australian Accounting Standards Board and the Australian Auditing and Assurance Standards Board.
In 2015, Mr McPhee received the Order of Australia Award for distinguished service to public administration, particularly in the areas of accountability and policy development.