Banking & Finance | Legal

Restoring trust in financial services

26 Jul 2018, by Amy Sarcevic

Over the course of several decades, Australia has experienced a slow and steady erosion of trust in the financial services sector – culminating in a Royal Commission, which commenced in December 2017.

Despite the Royal Commission’s potential to reassure consumers that lenders are under the watchful eye of higher powers and therefore reinstate trust, many instead viewed the event as an admission of the sector’s wrongdoings – thereby perpetuating and further fueling mistrust.

Not helping matters has been the high level of sensationalized media reporting surrounding the event which has thrown the issue of trust into the spotlight – spreading further awareness and exacerbating the industry’s reputational damage.

In light of this, Tony Pearson of the ABA, Michael Saadat of ASIC, Philip Field of the FOS, Collin Neave of ANZ and Andrea Beatty of Keypoint law will join forces for a roundtable discussion at the 28th Annual Credit Law Conference – 5-7 September at the Sofitel Goldcoast.

This year the conference theme is ‘restoring consumer confidence in the digital age’ and this opening roundtable, moderated by Helen Gordon of the Australian Finance Industry Association, will focus on the positive steps that the industry is taking to restore consumer confidence in our credit providers in these challenging times.

The roundtable will also reflect on ASIC’s newly announced regulatory strategy, which came to light this week, on the back of the approval of the Australian Banking Association’s new Code of Practice.

Ahead of the conference, ANZ’s Customer Fairness Adviser, Colin Neave said, “Financial Services Providers need to continue to work on communicating clearly, avoiding ‘jargon’, listening to customers and have in place processes to quickly put things right when they go wrong”.

Now in its 28th year, the Credit Law Conference has firmly established itself as Australia’s leading legal and regulatory event for credit providers.

Learn more and register.

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