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Australia's banks announce reforms amid consumer backlash
Add BT as a preferred sourcePublished Sun, Jan 29, 2017 · 09:50 PM
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Sydney
AUSTRALIA'S biggest banks on Sunday announced a A$1 billion (S$1.08 billion) investment in a new system to allow real-time transfers and payments as part of reforms aimed at appeasing public dissatisfaction with the financial system.
The changes come amid calls from the opposition Labor Party for a judicial inquiry into the broader financial industry, which has been plagued by scandals involving misleading financial advice, insurance fraud and alleged interest rate rigging.
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