An independent review into remuneration in the banking industry has extended its deadline for submissions.
Commisioned by the Australian Bankers’ Association (ABA), the Retail Banking Remuneration Review will now accept public submission up until 23 September after independent reviewer, Stephen Sedgwick AO extended the deadline last week.
The review is looking at whether payments made to bank employees and third parties could cause a misalignment of interest with bank customers.
This covers payments relating to selling and advising on retail banking products such as mortgages, credit cards, transaction accounts and small business loans.
ABA chief executive Steven Münchenberg said the association welcomed the extension of submission deadline.
“This is an important consultation process and the ABA welcomes more time being given for interested parties to have their say,” Münchenberg said.
“The review is part of a package of initiatives banks have undertaken this year to improve transparency and accountability, and protect customer interests,” he said.
“It builds on the Future of Financial Advice reforms which caused changes to remuneration structures in the financial advice industry.”
Submissions to the review will remain confidential unless otherwise agreed. Submissions can be sent to email@example.com