Review of school banking programs

Closed 31 Oct 2019

Opened 30 Sep 2019

Overview

As the lead Australian Government agency for financial capability, the Australian Securities and Investments Commission (ASIC) is reviewing school banking programs. The purpose of this review is to better understand how these programs are operating in primary schools and provide a national perspective of school banking program engagement and participation.

Your input into this consultation will help inform our review of school banking programs, and we encourage you to make a submission.

The full consultation paper is provided below under Related Documents.

Purpose of consultation

We are reviewing school banking programs in primary schools to:

  1. understand how these programs are implemented and how they are marketed to school communities
  2. understand how students are engaging with these programs and the accounts established through these programs while they are at school and after they leave school
  3. assess the benefits and risks of school banking programs
  4. develop principles for appropriate conduct and good practice in the implementation of school banking programs.

We want to understand the motivations for participating in and behaviours encouraged by school banking programs, to ensure they serve the interests of young Australians. We will also consider the transparency of the implementation of these programs. We have undertaken research to explore school communities’ expectations and understanding of the potential impact of these programs.

We welcome the views, knowledge and experience of a diverse range of stakeholders, including:

  1. parents and guardians
  2. teachers and school leaders
  3. state and territory education departments
  4. not-for-profit and community organisations
  5. other educational professionals
  6. any other interested organisations and individuals.

We have prepared nine consultation questions for your response.

How you can contribute

Please provide your feedback via the consultation questions link below.

Alternatively, you may email your comments to Financial.Capability@asic.gov.au.

To facilitate an open consultation process, we intend to treat all contributions received as public and publish them on this website. Should you prefer us to treat your contrubitions as confidential - either by publishing as an anonymous response or by not publishing at all - please indicate accordingly in the consultation.

Please refer to our privacy policy at www.asic.gov.au/privacy for more information about how we handle personal information, your rights to seek access to and correct personal information, and your right to complain about breaches of privacy by ASIC.

Audiences

  • Community and not-for-profit sector
  • Education sector

Interests

  • Financial capability