25 September 2023

ASIC bank probe to go back to schools

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The Australian Securities and Investments Commission (ASIC) is to conduct a review of school banking programs in primary schools.

Announcing the review, Deputy Chair of ASIC, Peter Kell said that across the country young people were learning about money at school.

“Financial literacy education is embedded in the Australian Curriculum and teachers draw on a range of materials and programs to support an understanding of money and financial concepts,” Mr Kell said.

“It is essential that young people develop the knowledge and the skills they need to engage effectively with financial products and services.

He said attitudes and behaviour around money could be shaped from an early age and education was a key component.

Mr Kell said ASIC’s review would seek to understand how programs were implemented and how students were engaging with the programs and the accounts established through them while they were at school and after they left school.

He said ASIC would assess the benefits as well as the risks of school banking programs, and would set out principles for appropriate conduct and good practice in the area.

“Transparency around school banking programs is important,” Mr Kell said.

“ASIC wants to understand the motivations and behaviour around school banking programs to ensure they ultimately serve the interests of young Australians, and to enable school communities to have an understanding of the potential impact of these programs.”

He said ASIC would consult with various stakeholders from the education sector, consumer organisations, other regulatory Agencies, as well as the banks offering the programs.

He expected the review to be complete by mid-2019.

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