The chief executives of Australia’s four major banks will be grilled by a parliamentary inquiry over the coming days where they will be scrutinised over what one MP has labelled “shocking revelations”.
The House of Representatives Standing Committee on Economics will conduct public hearings on 11, 12 and 19 October in Canberra as part of its ongoing scrutiny of Australia’s four major banks.
The chair of the committee, Mr Tim Wilson MP, stated that these hearings will provide an important opportunity to scrutinise the bank CEOs following the “shocking revelations of the royal commission”.
Mr Wilson said commissioner Hayne’s interim report identified incentives in banks against the interest of customers that has led to appalling conduct contrary to law.
“Yet, this misconduct has either gone unpunished, or the consequences have not met the seriousness of what has occurred and must be addressed,” he said.
“These hearings will also be an important opportunity to follow up on unresolved issues from earlier hearings; and to consider how best to ensure appalling behaviour is not repeated without inhibiting the banks’ essential contribution to grease our economy.”
The inquiry will hear from CBA and Westpac today (Thursday, 11 October), ANZ on Friday 12 October and NAB on Friday 19 October.
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