The seventh and final round of the financial services royal commission got underway in Sydney on Monday with Australia’s biggest banks once again in appearing before commissioner Kenneth Hayne.
NAB chair Ken Henry, a former Treasury Secretary, along with the Commonwealth Bank’s chair Catherine Livingstone, are due to appear as witnesses, along with the CEOS of the big four banks, NAB’s Andrew Thorburn, CBA’s Matt Comyn, ANZ’s Shayne Elliott and Westpac’s Brian Hartzer
The final round will focus on causes of misconduct and on possible responses, including regulatory reform, with the royal commission also looking that the roles of the regulators ASIC and APRA in supervising the financial sector.
In her opening remarks yesterday, Rowena Orr, senior counsel assisting, said the royal commission doesn’t want to hear more apologies from banks and the latest hearings are focused on seeking to understand two things: why did these things happen and what can be done to prevent misconduct in the future?
CBA boss Matt Comyn was the first in the witness box, and said the bank hadn’t learnt from its mistakes.
Among the details emerging in yesterday’s hearing was the fact that 200 mortgage brokers working with the CBA each earned more than $2.5 million a year, while 1300 all up, earned $1 million or more annually in commissions.
The Royal Commission also heard that senior CBA executives knew the bank’s culture was failing customers.
Business Insider’s Chris Pash will be covering all the major moments from the royal commission as they happen.
In the meantime you can watch the hearings here.