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Australia’s Parliament Questions Big Banks

by AppliedCG


On 3 October 2016 a Parliamentary Committee Inquiry, set up by the Liberal Party as a counter to a Labor call for a Royal Commission, began to question all four CEOs of the Big Four Banks (Westpac, ANZ, NAB, Commonwealth), on separate days. Was this a genuine effort to change banking culture or a political box-ticking exercise? Our Australia Correspondent, Malcolm Sealy, discusses the issue.

The responses by these Chief Executives were very similar overall – the most significant statements were that they felt that had become too distant from their customers many of whom had been victims of incentive selling of unsuitable products.  One admitted that there had been a…

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