Banks
welcome today’s release of the Sylvan Review, which charts a path forward to
strengthen Australia’s financial counselling sector.
The Review
highlights the importance of financial counsellors in helping Australians who
are struggling to repay their debts, manage their household budgets and provide
for their families in a difficult environment.
Banks actively
participated in the review and are pleased to see the Report has reinforced a
number of important issues identified by banks in their submission such as better
coordination of resources across the sector, a central body to allocate funding
and long-term funding certainty for financial counselling, including a long
term, data driven funding model.
CEO of the Australian Banking Association Anna Bligh said
that financial counsellors were important to Australians and the banking industry
who see them as valuable partners in helping vulnerable customers.
“Financial
counsellors get people back on track when they’re experiencing some of the most
difficult moments in their lives and provide a valuable education service to
people with lower levels of financial literacy and capability,” Ms Bligh said.
“This review charts an important path forward to strengthen
Australia’s financial counselling sector.
“Certainty of funding for financial counsellors is a top
priority and the industry will work with the government to finalise a model as
quickly as possible to appropriately fund the sector.
“As outlined in their submission to this review, banks
support industry funding sourced from both the financial sector and other
industries that may contribute to financial hardship,” she said.
