A banking tribunal will be set up to deal with consumer complaints against banks.
Prime minister Malcolm Turnbull today confirmed the tribunal, an issue canvassed at this week’s parliamentary committee hearings interrogating the CEOs of the big four banks over a series of scandals and a failure to pass on in full to home loan customers cuts to official interest rates.
“We will get a low cost, speedy tribunal to deal with these types of consumer complaints, customer complaints against banks,” he told 5AA radio.
“A number of the banks have said ‘Yes, we’d support that tribunal’.”
University of Melbourne law professor Ian Ramsay is reviewing what form the tribunal should take.
“There have been many cases where consumers have not had the right thing done by them by the banks,” Turnbull says.
He says that was the merit of bringing the CEOs before the economics committee.
“I’ve done this in order to affect really cultural change,” he says.
“This has been a very deliberate move on my part because I understand how these institutions work.
“It’s very easy for the CEOs to, in effect, hide behind the public affairs representative, an industry representative.”
At the hearings this week, the Commonwealth Bank and the ANZ said they would support a tribunal.
In August, Turnbull again dismissed the idea of a royal commission into the banks but said the government was looking at a tribunal.