AUSTRALIAN BANKERS' Level 3, 56 Pitt Street ~,,., … · Meeting with Independent Reviewer (1 O:OOam - 11 :OOam) 1 . Welcome 2. Independent review - Code of Banking Practice:

~-..,. AUSTRALIAN BANKERS' ~,,., ASSOCIATION INC.

Strong banks - strong Australia

Industry Strategy Working Group meeting

Date:

Time:

Venue:

Tuesday 20 December 2016

1 O.OOam-12 noon

Australian Bankers' Association Level 3, 56 Pitt Street Sydney

Teleconference: Dial: 02 8293 1173 Account/pin nos: 7412 6380 then 1916#

Agenda items

Meeting with Independent Reviewer (1 O:OOam - 11 :OOam)

1 . Welcome

2. Independent review - Code of Banking Practice:

• Update - overview of review, consultation process, and alignment with other reviews and processes

• Stakeholder engagement - approach to addressing issues raised by banks and others

• Key findings and recommendations

• Preparation of the Final Report

• Review of the Code Compliance Monitoring Committee (CCMC)

• ASIC approval of the Code

3. Open discussion:

• General and specific questions

• Observations from the review, assessment of feedback, and outcomes (positive, negative, risks and opportunities) and expectations with the review

4. Next steps and communications:

• Status update from independent reviewer - published 12 December on review website 1

• Publication of the Final Report and ABA media release

Member banks only (11 :OOam - 12:00pm)

5. Introductory comments and meeting objectives

6. Banking reform program - Update and next steps

7. House of Representatives Economics Committee

8. Concluding remarks

1 http://www.cobpreview.cameronralph.eom.au/

Australian Bankers' Association Inc. ARBN 117 262 978

D Gall

P Khoury

All

D Gall I P Khoury

D Gall

D Gall I

ABA.001.003.2646

Level 3, 56 Pitt Street Sydney NSW 2000

Australia +6128298 0417

- @austbankers bankers.asn.au

5 mins

30 mins

20 mins

5 mins

5 mins

45 mins S Mi.inchenberg

S Mi.inchenberg 5 mins

D Gall 5 mins

(Incorporated in New South Wales) Liability of members is limited.

ABA.001.003.2647


Attendees

Name Title Organisation

David Gall

Dallas Mcinerney

Chris Bone

Maria Polczynski

Graham Hodges

Gerard Brown

Tracey Williams

Tanny Mangos

Guy Matthews

Matt Comyn

Catherine Fitzpatrick

David Breen

Sue de Broglio

Duncan Bone

Andrew Carriline

Jade Clarke

Phil Coffey

Steven Mlinchenberg

Diane Tate

Nie Frankham

Tony Pearson

Phil Khoury

bankers.asn.au

Chairman ISWG, Group Chief Risk Officer (in person)

General Manager, Government Affairs and Public Policy (in person)

Manager - Managing Director's office (in person)

Group Counsel and Head of Compliance (in person)

Deputy Chief Executive Officer (in person)

Alternate, Group General Manager Corporate Affairs (by teleconference)

Alternate, Acting General Manager Corporate Development (by teleconference)

Alternate, General Manager, Corporate Affairs and Investor Relations (in person)

Head of Corporate Affairs (in person)

Group Executive, Retail Banking Services (in person)

General Manager Government, Industry and International Affairs (in person)

Head of Corporate Affairs (in person)

Global Compliance Office Director, Risk Management Group (in person)

Alternate, Executive Manager Corporate Affairs, Banking & Wealth (by teleconference)

General Manager, Banking Industry Initiatives

Senior Manager, Group Government & Industry Affairs

Deputy Chief Executive Officer (in person)

Chief Executive Officer (in person)

Executive Director - Retail Policy (in person)

Policy Manager - Retail Policy (in person 10.00-11 :OOam)

Director, Communications and Government Relations (in person 11.00am--12 noon)

Chief Economist & Executive Director - Industry Policy (in person 11.00am--12 noon)

Independent Reviewer (in person 10.00-11.00am)

National Australia Bank

National Australia Bank

Bendigo and Adelaide Bank

AMP Bank

Australia and New Zealand Banking Group

Australia and New Zealand Banking Group

Bank Australia

Bank of Queensland

Citi Australia

Commonwealth Bank of Australia

Commonwealth Bank of Australia

ING Bank (Australia)

Macquarie Group

Suncorp

Westpac Banking Corporation



Australian Bankers' Association





I 2

ABA.001.003.2648


Apologies

Name Title Organisation

Rowan Dowland General Manager, Corporate Development Bank Australia

Anthony Rose Chief Financial Officer Bank of Queensland

Bart Hellemans Chief Risk Officer ING Bank (Australia)

Tony Beck Consultant ME

David Carter Chief Executive Officer, Banking and Wealth Suncorp

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ABA.001.003.2649


Summary of items - For decision

Agenda Recommendations I

Item I

5. It is recommended that the Industry Strategy Working Group approves the proposed approach to implementing the campaign.

6. It is recommended that the Industry Strategy Working Group approves the proposed implement plans for the three additional initiatives.

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ABA.001.003.2650


Items 1 - 4: Welcome and meeting with Independent Reviewer Presentation sent separately.

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ABA.001.003.2651


5. Introductory comments and meeting objectives

5.1 Issue The second part of the meeting will focus on the delivery of the industry strategy agreed by the ABA Council on 7 December.

At that meeting, the ABA Council agreed to:

• Launch the first phase of the Better Banking campaign

• Additional initiatives to build on the 6 Point Plan, and

• The broad direction of the industry's strategy for the coming year.

5.2 Background

5.2 .1 Industry campaign

The ABA Council agreed that the industry would proceed with the first stage of the Better Banking campaign, built around the concept of: "We hear you". The target date for launching the campaign is after Australia Day and before the start of the Parliamentary year in early February 2017.

The ABA will work with the banks to finalise the text for the campaign materials and will seek agreement for the inclusion of bank logos. The ABA will also finalise and circulate to banks the media plan, setting out the intended placement in newspapers, television, online and through social media.

Enclosure 1 sets out the implementation plan for the first phase of the campaign.

5.2.2 Additional initiatives

The ABA Council endorsed three additional initiatives to build on the 6 Point Plan.

It was agreed that the below additional initiatives would be incorporated into the campaign, with the details to be worked through and implemented via a stage approach.

1) Support for small business and farmers.

2) Support for customers in financial difficulty.

3) Bank switching.

The ABA will also work with the banks to ensure the new initiatives leverage and complement any existing bank programs and activities.

Agenda Item 6 sets out the implementation plans the ABA proposes putting in place to deliver the additional initiatives.

5.2 .3 Forward strategy

The ABA Council reaffirmed the industry's immediate strategy of demonstrating banks are taking action now to address legitimate issues, and the longer-term goal of shifting community attitudes in favour of the banks.

Newgate will continue to be retained to advise and support implementation of the strategy. The ABA is working with Newgate to target their involvement to specific tasks and functions. The ABA will advise an estimated budget for Newgate's ongoing involvement, with costs to be allocated across the ABA Council member banks.

The ABA will work with Newgate on proposals for the future stages of the strategy, including proposals for further phases of the communications campaign.

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ABA.001.003.2652


Subsequent to the meeting, Peter Hanlon was retained to help coordinate the ongoing implementation of the industry's strategy. Mr Hanlon will be focused on the effective delivery of the campaign and the banking industry reform program as agreed by the ABA Council and ensuring the industry is able to respond rapidly to the changing political situation.

5.3 Recommendation It is recommended that the Industry Strategy Working Group approves the proposed approach to implementing the campaign, as set out in Enclosure 1 of this item.

I Contact

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ABA.001.003.2653


Enclosure 1 of item 5

Campaign

The industry will be launching the first phase of an ongoing Better Banking awareness campaign, consisting of:

• Newspaper, TV and online advertising.

• Editorial and advertorial placement across metropolitan and regional media.

• Targeted promotion to Federal MPs and influential stakeholders across government, politics, media and business.

• Social media communications.

Problem

While the industry is doing much to address consumer concerns, community awareness of the industry's actions is low. The campaign will start addressing this lack of awareness and begin the process of shifting community sentiment in favour of the banks. The campaign will also demonstrate to politicians that the industry is out selling its message and not relying on the Government to defend it.

Solution

Phase One ("We hear you") will engage consumers by acknowledging their primary concerns and providing proof the industry is responding, through:

• Promoting the consumer benefits of the '6 Point Plan', the three additional initiatives agreed by the ABA Council and other industry initiatives already in place or being developed (such as the New Payments Platform and the professionalisation of financial advice).

• Campaign materials run nationally in print, online, TV and social media, from Sunday 29 January to Sunday 12 February 2017.

• Accompanying media, government relations and stakeholder outreach program run at the same time.

Phase Two ("See what we're doing") will be developed with the industry for launch in Q2 2017.

Process

The campaign concept has been agreed by Council. The ABA will now work with the banks to settle the final text of campaign materials and confirm which banks will be represented through their logos.

The ABA is also settling the media plan covering campaign material placement and timing and will advise banks.

A political and consumer stakeholder outreach strategy and an editorial and advertorial strategy are being developed and will be discussed with banks.

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ABA.001.003.2654


Timeframes

ABA sends banks final version of ad copy for approval 23 December

Political/consumer stakeholder outreach strategy to banks Newgate

Editorial and advertorial strategy to banks Newgate

Banks approve ad copy, agree to use of logos 13 January

Ad copy signed off with Lavender to meet launch deadline 20 January

ABA to sign off on web copy 25 January

Campaign launch 29 January

Key deliverables

• Advertising materials for print, TV online and social media execution

• Editorial and advertorial strategy

• Paid media plan

• Political and consumer stakeholder outreach strategy, and

• Plans by individual banks to leverage campaign materials as appropriate.

Governance

Implementation of the campaign and its agencies will be managed by the ABA in consultation with banks.

Metrics for measuring the reach and effect of the campaign are being developed with Newgate.

Outcomes

• Increased public awareness of the industry's programs and initiatives (independently measured).

• High level of awareness among key government and consumer stakeholders.

• The Government and other political stakeholders understand that the banking industry is actively educating the public about its programs and initiatives.

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ABA.001.003.2655


6. Banking reform program - update and next steps

6.1 Issue At its meeting on 7 December, the ABA Council agreed to three additional initiatives to build on the 6 Point Plan. The Council asked the ABA to develop implementation plans to give effect to these initiatives. These plans are now provided to the Industry Strategy Working Group for approval.

6.2 Background The additional initiatives cover:

1) Support for small business and farmers (the proposed implementation plan is set out in Enclosure 1 of this item).

2) Support for customers in financial difficulty (the proposed implementation plan is set out in Enclosure 2 of this item).

3) Bank switching (the proposed implementation plan is set out in Enclosure 3).

The new initiatives will need to be included in the first phases of the Better Banking campaign. The ABA will work with the banks to settle appropriate descriptions of the new initiatives, recognising that these are being implemented in stages.

6.3 Recommendation It is recommended that the Industry Strategy Working Group approves the proposed implement plans for the three additional initiatives.

Contact:

I Tony Pearson

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ABA.001.003.2656



Supporting small businesses and farmers initiative

Initiative

The industry will establish partnerships with key organisations to improve financial literacy, support better access to finance to help businesses grow, and ensure 'fairer' practices from a small business and farmer perspective.

Problem

There is a perception that banks do not do enough to support small businesses and farmers. This includes not providing access to finance, assisting customers manage their loans and businesses, being too quick to take enforcement action against businesses experiencing financial difficulties, and not treating business customers in financial distress unfairly. Given the symbolic and political importance of small businesses and farmers, this perception is leading to increased Government intervention.

Solution

The industry needs to counter perceptions that banks do not support their business customers by:

• Demonstrating to the community that banks do support business customers through specialised products and services and through freely accessible information tools which help build business financial capability and business management.

• Ensuring politicians and others recognise that banks accept their role in society, and see that support for business customers is good for the Australian economy and community.

• Partnering with key organisations to identify appropriate programs, including leveraging existing industry resources, identifying pilot financial literacy programs, and developing best practice arrangements with third parties used by banks.

• Demonstrating to customers, through the industry's awareness raising campaign, that banks are taking action to step beyond the traditional banking-customer relationship to provide help to business customers in financial distress and that the community can be confident banks do the right thing to support small businesses and farmers.

Process

There are a number of elements to the initiative, which are categorised as follows:

Best practices

• New industry guideline for the appointment of receivers, administrators and liquidators for small businesses or farmers and primary producers by banks. A high level clause to be included in the enhanced Code of Banking Practice to outline expected practices and minimum conduct standards.

• New industry guideline explaining the valuation practices, the purpose of the valuation, and expected practices in the appointment of valuers by banks, and require agreements with valuers to have minimum conduct standards. A high level clause to be included in the enhanced Code of Banking Practice to make valuations available to customers in particular circumstances.

• Revitalised political engagement strategy to drive development of national farm debt mediation.

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ABA.001.003.2657


• Continued advocacy for a more accessible external dispute resolution, through the Ramsay Review.

Financial literacy

• Revamped 'Financing your small business' website, with additional partners.

• New website resource with the National Farmers' Federation and/or appropriate rural business organisations (Stage 1 ); and identify an appropriate partnership with rural financial counselling to promote business management and early intervention, leveraging the new website resource (Stage 2).

The first step in delivering this initiative will be for the ABA and banks to identify the scope of each of the elements of the initiative, including the actions and partner organisations.

The ABA will initially work through existing working groups on small business, agribusiness and financial literacy to identify and agree implementation plans.

The next step will be to set the timeframes and specific processes, and to determine whether it is appropriate to stage delivery given the political risks (including the Ramsay Review, Carnell Inquiry, political situation in Queensland, etc). Small business and farmer issues remain politically sensitive and are creating political risks and influencing populist positions in state and Federal politics. It will be important to manage these political risks, and therefore the initiative will need to be implemented in a way that responds to emerging risks.

Key deliverables

• A suite of revised and new information tools and resources for small businesses and farmers.

• Active engagement with partner organisations and key stakeholders, including consumer, political and regulatory.

• New industry guidelines to promote best practice arrangements with third parties, with new supporting provisions in the enhanced Code of Banking Practice.

• A political engagement strategy to advocate for national farm debt mediation and a better EDR system.

• A phase of the Better Banking campaign focused on promoting banks' support for small businesses and farmers, including changes to bank practices and the availability of new information tools.

Timeframe

Task Timeframe

Best practices - new industry guidelines

Scope and draft industry guidelines By end March

Advisory group established Mid April

Partnership arrangement established End April

Further drafting End May

Engagement with stakeholders By mid-June

Final revisions By end June

Draft clause for enhanced Code By July

Publication of new industry guidelines July

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ABA.001.003.2658


Best practices - national farm debt mediation

Scope political engagement strategy End February

Engagement with state based farming organisations and Ministers for Agriculture March - April

Engagement with Minister for Agriculture {Joyce) April

Draft clause for enhanced Code By July

Prepare industry statement for the National Agriculture Minister's meeting May

Best practices - EDR system

As per implementation plan for initiative 2.2 in 6 Point Plan

Financial literacy - revamp 'Financing your small business' I Scope and identify changes needed to the existing website End March

Establish Advisory Group {including with partner organisations) Early April

Review website structure, content and functionality April-May

Advisory group to approve enhancements Early June

Build and test revised website June

Create new tutorials June

Launch and promotion July - August

Financial literacy - new rural website resource {Stage 1) I Scope and identify outline for new website End June

Establish Advisory Group {including with partner organisations) Early July

Agree website structure, content and functionality. Content to focus on financial analysis, July-August

business planning, risk management, diversification options and succession planning.

Advisory group to approve design parameters Early September

Build and test revised website September

Create new tutorials September

Launch and promotion October- November

Financial literacy - new rural partnership {Stage 2) I Scope and identify existing program gaps End May

Establish Advisory Group By mid-June

Agree program, service agreement, RFT documentation {business proposal). Education By end June program would reflect similar content to the new website resource and include medium and long term business planning tutorials, financial analysis, risk management, diversification options and succession planning.

Conduct tender for suitable provider July

Agree partnership and commence pilot August

Assess pilot September- November

Prepare draft application for RRDP program funding November

Submit application for RRDP program funding Early December

Government decision on application January 2018

Review and adjust pilot and roll out training February - March 2018

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ABA.001.003.2659


Governance

Progress with implementation will be reported fortnightly to the Industry Strategy Working Group.

The Working Group will be asked to endorse:

• The new industry guidelines.

• The political engagement strategy for national farm debt mediation.

• The proposed business plan and budget for stage 2 of the financial literacy partnership with rural financial counselling.

Other operational decisions will be made by the Program Coordinators, including settling scope, identification of appropriate partner organisations, and the budget for the revised 'Financing your small business website' and the new website resource for farmers.

Outcomes

Customer focused: Demonstrate, at an industry level, that banks support small business and farmers and primary producers by:

• Helping to build business management and financial capability.

• Assisting resolve and alleviate financial problems for customers experiencing financial difficulty.

• Assisting small business customers and farmers to understand the reason for some bank terms and conditions and the role of third parties.

• Creating a central information repository and links to banks' own products, services and programs.

Politically focused: Government is persuaded that further intervention into business lending is unnecessary, demonstrated potentially as follows:

• Industry-led initiatives to support small businesses and farmers are recognised by the Coleman Committee at the hearings in March.

• No further action on contracts, lending practices or dispute resolution is recommended by Coleman Committee following the hearings in March.

• Banks are seen to have responded to the particular concerns raised in various inquiries and reviews, providing evidence of banks working with small businesses and farmers and supporting those customers experiencing financial difficulty or financial distress.

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ABA.001.003.2660



Supporting customers in financial difficulty initiative

Initiative

The industry will establish a new debt repayment and management service to help people struggling with debt problems, and assist the financial counselling sector to transition towards a new, more professional business model.

Problem

There is a widespread view that banks do not support customers experiencing financial difficulty, and in fact banks are the reason why some customers have debt problems.

As a consequence, the community and politicians believe that, despite the existence of banks' hardship assistance programs, banks do not support their customers struggling with debts.

Therefore, politicians use negative media to pressure banks to make, at times, non-commercial decisions, about particular customers. Additionally, consumer advocates are increasingly calling on banks to respond in various ways including funding for case work by financial counsellors, writing off debts for certain customers, etc.

Solution

The industry needs to counter perceptions that banks do not support their customers experiencing financial difficulties by:

• Establishing a new service to make it easier for customers to navigate and manage the resolution of multiple debts.

• Ensuring customers have access to free debt repayment and management services, as opposed to using expensive and exploitative alternatives, such as predatory 'for profit' financial difficulties companies.

• Engaging with stakeholders to work through customer concerns and identify any further measures to address debt management.

• Demonstrating to customers and stakeholders, through the industry's awareness raising campaign and new service, that banks do support their customers and provide safe and affordable tools to assist them take control of their finances and get rid of debt problems.

Process

The first step in delivering this initiative will be for the ABA and banks to discuss and agree:

• Existing practises to deal with customers experiencing financial difficulties, and in particular multiple debts.

• Improvements which could be made to improve outcomes for customers and banks, including an assessment of the Step Change2 business model in the UK.

The ABA will establish a working group with banks to collate information about the proposed business model in preparation for discussion with Financial Counselling Australia (FCA) and ahead of appointing a consultant.

The next step will be for a consultant to be appointed to work with the ABA, banks and stakeholders on the development of the business plan and establishment of the new service.

2 https://www.stepchange .org/

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Following completion of this initial stage, an assessment will be conducted to identify what, and if, further actions are needed to integrate financial counselling and/or improve access to financial counselling services as part of the new business model.

Key deliverables

• A new debt repayment and management service which provides access to free debt advice and resolves multiple debt issues for consumers.

• Active engagement from key stakeholders, including FCA and other consumer advocates.

• An on line information and debt advice service to provide simple solutions for consumers with debt problems and less complex financial situations.

• A phase of the Better Banking campaign focused on promoting the availability of the new debt repayment and management service.

Timeframe

Task Timeframe

New ABA Working Group established By mid-January

First working group meeting End January

Engagement with stakeholders {particularly FCA) By end January

Appoint consultant By end February

Consultant to prepare the business plan for the funding and business model: March-June

• The plan will need to outline the funding and business model, governance arrangements, the constitution and appointment of the Board, service and operational requirements, and the evaluation and reporting requirement

• The funding model will need initial seed funding for the establishment and ongoing funding for the delivery of the service {to be decided).

Establishment of a charitable trust {allowing funding contributions initially from the major End June banks and then other banks/financial institutions and creditors)

Appointment of the Board of Directors {overseeing establishing the new company) End July

Establish new company. The business plan will outline business model, service agreement, By end September ongoing funding requirements, etc.

Post-implementation review and assessment of business model and role of financial October - December counselling, including consideration of funding

Finalise business proposal on financial counselling By end December

Governance

Progress with implementation will be reported fortnightly to the Industry Strategy Working Group.

The Working Group will be asked to approve the proposed business plan and budget for the establishment of the new debt repayment and management service.

The Working Group will also be asked to consider the post-implementation review and assessment of the business model and any further proposal on financial counselling, including potentially an additional and ongoing funding commitment.

Other operational decisions will be made by the Program Coordinators, including appointing the consultant and settling other operational arrangements to establish the new service, such as set up of the charitable trust, appointment of the Board, registration of the new company, etc.

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ABA.001.003.2662


Outcomes

Customer focused: Greater access for consumers to free debt advice, rather than seeking services from predatory 'for profit' financial difficulties companies.

Bank focused: Better negotiation and resolution of complex issues and multiple debts, delivering business cost savings and efficiencies for banks' hardship support programs and debt collection practices.

Politically focused: Government is persuaded that further intervention into banks' lending and practices is unnecessary, demonstrated potentially as follows:

• Industry-led initiatives to establish a new debt repayment and management service are recognised by the Coleman Committee at the hearings in March.

• The Government does not adopt various proposals to interfere in the credit card market.

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ABA.001.003.2663



Switching initiative

Initiative

The industry will host a roundtable to identify consumers' underlying concerns about switching and to determine appropriate responses to address those concerns, and to demonstrate that switching banks is becoming easier, competition is accessible and that, therefore, customers have greater control over their banking.

Problem

There is a widespread view that it is difficult to switch banks.

As a consequence, the community and politicians believe that, despite the wide range of competitors in the banking sector, choice is hard to access and competition is illusory.

Therefore, politicians are calling for greater Government intervention to "promote competition" (for example, the Coleman Committee's recommendation that the Australian Competition and Consumer Commission (ACCC) makes recommendations to Government every six months on new measures to increase competition).

Solution

The industry needs to counter perceptions that switching banks is too hard by:

• Engaging with stakeholders to work through customer concerns and identify any further reasonable cost effective measures to remove remaining barriers to easy switching.

• Demonstrating to customers, through the industry's awareness raising campaign and on line support tools, that switching banks is straightforward and within customers' control.

• Ensuring stakeholders recognise that switching will be even easier as current industry initiatives are delivered (specifically, through the New Payments Platform and its unique customer identifier).

Process

The first step in delivering this initiative will be for the ABA and banks to agree:

• What is currently possible in terms of switching banks quickly (covering core banking products, such as transaction accounts, mortgages and credit cards).

• What will be possible with the implementation of the New Payments Platform (NPP).

The ABA will establish a working group with banks to settle these questions. The working group will also develop the agenda for the roundtable and identify suitable industry presenters.

The next step will be to determine key stakeholders to be presenters and/or participants in the roundtable. This should include:

• Consumer representatives (CHOICE, Consumer Action Law Centre, Financial Rights Legal Centre).

• Parliamentary representatives (members of the Coleman Committee, members of the Senate Economics Committee, other key politicians).

• Regulator representatives (RBA, ACCC, ASIC).

• Industry participants (bank representatives, NPP, APCA, card schemes).

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Discussions will be held with stakeholders ahead of the roundtable to determine their perceptions and priorities and to steer them towards the industry's proposed solutions.

A draft communique (ABA media release), setting out the parameters within which the industry will ensure switching occurs (e.g. timelines for account switching) will be developed for agreement with the banks and negotiation with stakeholders. Setting clear, simple parameters will ensure the industry can communicate to stakeholders and the community about how easy it is to switch.

Based on the roundtable, the Government will be lobbied to not adopt, or to defer, recommendation 3 from the Coleman Report that the ACCC establish a team to make six monthly recommendations on new measures to improve competition.

Key deliverables

• An event where the industry can promote how it is making bank switching easier.

• Active engagement from key stakeholders, including consumer, political and regulatory.

• A clear set of parameters for banks in switching customers (e.g. processes, timelines).

• An on line 'one stop shop' to guide customers through the process of switching.

• A phase of the Better Banking campaign focused on promoting the ease of switching banks.

Timeframe

Task Timeframe

New ABA Working Group established

First working group meeting

Engagement with stakeholders, including on the draft agenda

Roundtable

Governance

By 23 December

Early January

Late January - early February

Late February {ahead of second Coleman Committee hearings)

Progress with implementation will be reported fortnightly to the Industry Strategy Working Group. The Working Group will be asked to approve:

• The roundtable arrangements, including agenda and participation.

• The draft communique.

Outcomes

Customer focused: Bank switching is easier for customers in terms of the process and the information about how to switch.

Political focused: Government is persuaded that further intervention on bank switching or competition is unnecessary, demonstrated potentially as follows:

• Industry-led initiatives to improve bank switching are recognised by the Coleman Committee at the hearings in March.

• No further action on competition is recommended by Coleman Committee following the hearings in March.

• The Government does not adopt the Coleman Report's recommendation 3.

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Documents

AUSTRALIAN BANKERS' Level 3, 56 Pitt Street ~,,., … · Meeting with Independent Reviewer (1 O:OOam - 11 :OOam) 1 . Welcome 2. Independent review - Code of Banking Practice: