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Big bank CEOs to face MPs grilling at parliamentary committee hearing
The nation’s big four banks will face a parliamentary grilling this week in the wake of the endless revelations out of the banking royal commission.
The House of Representative’s economics committee will hold special sittings on Thursday, Friday and next week.
The Commonwealth and Westpac will be the first to front the committee followed by the ANZ and then National Australia Bank.
The chief executives of each bank are expected to front the grilling.
Committee chair, Liberal Tim Wilson, said the hearings would be an opportunity to ask questions of the CEOs since the “shocking” revelations of the banking royal commission.
“Commissioner Hayne’s interim report identified incentives in banks against the interest of customers that has led to appalling conduct contrary to law,” he said.
“Yet, this misconduct has either gone unpunished, or the consequences have not met the seriousness of what has occurred and must be addressed.
“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.”
Commissioner Kenneth Hayne used his interim report to round on the “greed” at the heart of many of the egregious issues found during his inquiry.
He has signalled out the light touch approach of the sector’s regulators, the remuneration of the top staff of the banks and through their ranks as key issues.
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