The CEOs of the four major banks will be back before a parliamentary inquiry in October to face further public questioning.
The House of Representatives Committee on Economics first report was published in November 2016, following initial public hearings in October started after a series of banking scandals, including poor advice from wealth management advisers.
In the latest, the Commonwealth is in court after an investigation by Australia’s financial intelligence and regulatory agency, AUSTRAC, into alleged breaches of anti-money laundering regulations.
In the May Budget, the federal government broadly adopted nine of the committee’s 10 recommendations, including a one-stop-shop for consumer complaints, a regulated executive accountability regime, and new powers and resources for the consumer watchdog, the ACCC, in investigating competition issues in the setting of interest rates.
“These hearings provide an important mechanism to hold the four major banks to account before the Parliament,” says committee chair David Coleman.
The hearings will be held on October 11 and October 20.