Big bank CEOs to face parliament

The CEOs of the four major banks will face parliamentary scrutiny as part of a review into the institutions.

The House of Representatives Standing Committee on Economics will conduct public hearings on 11, 12 and 19 October in Canberra.

The chair of the committee, Tim Wilson, MP, said, “These hearings will provide an important opportunity to scrutinise the bank CEOs following the shocking revelations of the 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. 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.”

The first day of public hearings will see Commonwealth Bank in the morning of 11 October and Westpac in the afternoon.

ANZ will be in the morning of 12 October and NAB will be in the morning of 19 October.