Thank you, Mr. Chairman.
Among the provisions we welcome is the establishment of a board committee to be responsible for consumer provision compliance.
We're also very pleased to see that in the future the term “internal ombudsman” within the internal bank handling systems will be prohibited.
We're pleased to see greater transparency and accountability for external complaint bodies.
The increase in the maximum fines for individuals and banks that contravene the consumer provisions is welcome, and the introduction of the whistle-blower provision is something that we're encouraged by.
I'll ask my colleague Marian Passmore if she could identify a number of areas where we think the effectiveness could be improved.