On 18 October, ASIC announced that it will conduct a review of school banking programs in primary schools.

According to ASIC, its review will:

  • seek to understand how these programs are implemented and how they are marketed to school communities;
  • consider how students are engaging with these programs and the accounts established through these programs while they are at school and after they leave school; and
  • assess the benefits as well as the risks of school banking programs, and will set out principles for appropriate conduct and good practice in this area.

The review is expected to be completed in mid-2019.