Banks to soon implement bad adviser protocol

ifa reported in September 2016 that the ABA announced a new protocol aimed at helping banks hire only competent and ethical financial advisers. 

In a statement yesterday, the ABA said the Reference Checking and Information Sharing Protocol is set to become operational within banks by the end of February.

“Banks have agreed to identify and share information about financial advisers with a history of poor conduct, to help stop these advisers moving around the industry,” the ABA said.

The implementation of the protocol is one of the initiatives set out in the ABA’s Better Banking program, of which the Sedgwick review is a part.

The ABA also announced three new Better Banking initiatives, including: easier customer access to financial hardship support programs, increased support to farmers and small businesses and holding a roundtable in March to focus on how customers can better understand and switch accounts and banks.

Chairman of the ABA and chief executive of NAB Andrew Thorburn said, “Our focus is on our customers and ensuring as an industry we provide the right service and right products to meet their needs.

“We have heard the concerns of Australians and we are committed to taking action so that banking with all of us is a better experience.

“This program of initiatives is our commitment to continue to raise the standards, service and trust in our industry.”