The man assessing the progress of the banking industry's self-imposed review has stressed the need for banks to dedicate sufficient resources to make changes.
In his first quarterly report into the review of consumer and whistleblower protections, former commonwealth auditor-general Ian McPhee said progress was being made, but warned that all parties needed to fully commit.
"A number of banks have nominated a senior executive with responsibility for implementation of the initiatives," Mr McPhee said.
"It is nevertheless recognised that implementation of the various initiatives still needs to be appropriately resourced across the banking industry to ensure delivery against the implementation plan."
Mr McPhee said the scope of the review would be further clarified, with different stakeholders having interpreted the review in different ways.
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Nonetheless, the Australian Bankers' Association and the big banks welcomed the report.
"Banks will work hard to accelerate the implementation of the initiatives, while at the same time ensure it is done in the right way with appropriate consultation with regulators and other stakeholders," ABA Chief Executive Steven Miunchenberg said.
Former ASIC executive general manager Phil Khoury is reviewing the Code of Banking Practice, while former Australian public service commissioner Stephen Sedgwick is reviewing commissions and payments that could lead to customers being sold inappropriate products.
"The report has acknowledged the banks' progress so far to grow consumer confidence and work with regulators and stakeholders," Westpac chief executive Brian Hartzer said.
"Together the initiatives will further empower customers, make it easier for them when things go wrong, and further strengthen our regulatory framework."
