It comes after a string of scandals.
The Australian Securities and Investments Commission has announced a review of school banking programs like Dollarmites to ensure that they “serve the interests of young Australians”.
The review, which was announced on Thursday, comes after the programs – specifically Dollarmites – came under fire for ‘dodgy tactics’.
News.com.au reports that schools were given ‘hefty payments’ to sign kids up, and bank staff were fraudulently activating accounts in order to earn bonuses.
The review is set to be completed by mid-2019, and will investigate transparency of the programs, and well as the motivations and behaviours of the banks.
“Transparency around school baking programs is important,” ASIC deputy chair Peter Kell said in a statement.
“ASIC wants to understand the motivations and behaviours around school banking 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.”
The review will also “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.”
It is unclear when the review will commence.
Written by Kate Stevens
Images: Getty
