• Contact
  • Feedback
Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now
  • News
  • Topics
    • All Topics
    • Briefs
    • Major Banks
    • Authorised deposit-taking institutions
    • Insurance, funds and super
    • Payments, mobile & wallets
    • Consumer lending
    • Mortgages
    • Business lending
    • Finance regulation
    • Debt capital markets
    • Ratings agencies
    • Equity capital markets
    • Professional services
    • Work & career
    • Foreign news
    • Other topics
  • Free Trial
  • Subscribe
  • About us
    • About Banking Day
    • Advertise
    • Feedback
    • Contact Banking Day
  • Search
  • Login
  • My account
    • Account settings
    • User Admin
    • Logout

Login or request a free trial

Dastyari shakes school banking

23 November 2015 5:17PM
The Australian Bankers Association is working to a revamped lobbying plan detailed today in the Financial Review.ABA documents reported in the AFR disclose a plan that will involve "rebuilding trust and confidence in financial advice" after the wave of financial planning scandals over recent years, leading to a high-profile Senate inquiry led by Labor senator, Sam Dastyari.It will also involve "detailed work" to convince key political and regulatory figures of the rationale behind the major banks all lifted their mortgage rates in October independently of the Reserve Bank, which the banks blamed on policies requiring them to have larger equity capital buffers to make them more resilient to shocks.The industry's lobby group will no longer advocate some issues - such as climate change and economic security for women, and an affordable housing scheme for low-income and homeless people - in order to focus on its main priority of "repositioning" the industry's image as an "essential and responsible contributor to Australia's current and future prosperity".The ABA confirmed the updated direction to the newspaper.It may be needed.In The Age, bank stirrer Sam Dastyari said: "I intend to recommend to the Senate committee that we get banks out of schools or give them a much greater degree of regulation if they are going to be there."Senator Dastyari, shadow parliamentary secretary for school education and youth, said programs such as the Commonwealth Bank's Dollarmites​ club had begun as "innocent" schemes by state-owned entities to encourage children to save money.But technology had opened the door for such programs to be used to "groom" young children to become future credit card customers.

I'm a returning subscriber

*
Password reset *
Login

Request a free trial

  • Emailing you the news at 7am.
  • Covering core lending and funding issues, strategy, payments, regulation, risk management, IT, marketing and more.
  • Original news and summaries of major stories from other media – ditch your newspaper subscriptions.
  • Focused on banking and finance, saving you the time spent wading through newspapers and other services.
  • With reporting from former editors and senior writers from the AFR and The Australian.
  • Configured for your phone, laptop and PC.
Free trial Banking Day
Stay Ahead. Stay Informed.
Concise. Candid. Provocative.
Get the daily banking news that matters
Banking Day – Your trusted source for independent financial insights.
Subscribe Now

Finance regulation

  • States take up the cudgels on eConveyancing
  • Firstmac failed design and distribution rules
  • 'Minimal' bankruptcy reforms tabled by Dreyfus

Consumer lending

  • Latitude, Harvey Norman liable for interest free GO card con
  • Credit quality dogs Zip turnaround

Copyright © WorkDay Media 2003-2025.

Banking Day is a WorkDay Media publication

WorkDay Media Unit Trust

  • Privacy policy
  • Terms of access and use