Skip to main content

Bank supports industry initiatives

21 April 2016 |Consumer Banking

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.

Related Topics

Connect with us

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Please read the applicable Disclosure Documents before acquiring any product described on this website. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.

© Copyright 2022 Bendigo and Adelaide Bank