Bank supports industry initiatives

Bendigo and Adelaide Bank supports the range of initiatives outlined in the Australian Bankers' Association (ABA) announcement today.

Managing Director Mike Hirst said the Bank has worked with the ABA and industry to develop initiatives that address consumer concerns relating to conduct and culture in the sector.

"We recognise the importance of the community's trust in their banks and we’re pleased to be part of this industry-wide discussion and action," Mr Hirst said.

"The proposed initiatives are largely consistent with the way our Bank already operates.

"For example, we changed our remuneration practices for our financial planning business more than a decade ago by moving our financial planners away from receiving commissions to a salary structure, and we do not pay staff commission on product sales.

"We did this because we believe that volume based remuneration is inconsistent with good customer outcomes.

"In addition, our Bank already has an independent whistle blower framework.

"We support the industry funding model for ASIC and we believe that a user pays system should contain incentives for doing the right thing.

"We are confident in our company’s culture, conduct and practices, but we know that there is always room to provide even better service and support to our 1.6 million customers, and we are firmly committed to making it easier for our customers to do business with us.

"Our Bank’s vision, strategy and purpose will continue to guide us, and our industry leading reputation and consistently high customer advocacy ranking is testament to our strong, customer focussed culture and values.

"We are Australia’s most trusted bank and today, we reaffirm our commitment to these measures for the long term benefit of all of our stakeholders," he said.