Title page
Contents
Chair's foreword 3
Membership of the Committee 9
Terms of reference 11
Abbreviations 12
1. Introduction 13
Background 13
Conduct of the inquiry 14
Reader guide and structure of the report 15
2. Commonwealth Bank of Australia 16
Overview of misconduct 16
Financial Services Royal Commission 18
Reforms to remuneration 19
Customer remediation 21
CEO actions to address customer complaints 22
Complaint handling mechanisms 22
Bank Executive Accountability Regime 23
Relationship with regulators 23
Competition in the financial system 24
Small-medium enterprise lending 25
Access to credit 26
Decision to restructure 26
Assistance to farmers 28
3. Westpac Banking Corporation 29
Overview of misconduct 29
Financial Services Royal Commission 31
Reforms to remuneration 32
Customer remediation 33
CEO actions to address customer complaints 33
Complaint handling mechanisms 33
Bank Executive Accountability Regime 35
Relationship with regulators 36
Competition in the financial system 37
Small-medium enterprise lending 37
Access to credit 38
Westpac retaining its wealth management business 39
Mortgage brokers 40
4. ANZ 41
Overview of misconduct 41
Financial Services Royal Commission 43
Reforms to remuneration 44
Customer remediation 45
CEO actions to address customer complaints 46
Complaint handling mechanisms 46
Bank Executive Accountability Regime 47
Relationship with regulators 47
Competition in the financial system 48
Small-medium enterprise lending 49
Access to credit 49
Decision to restructure 50
Mortgage brokers 51
Branch closures 51
Code of conduct for legal disputes 52
5. National Australia Bank 53
Overview of misconduct 53
Financial Services Royal Commission 54
Reforms to remuneration 55
Customer remediation 56
CEO actions to address customer complaints 58
Complaint handling mechanisms 58
Bank Executive Accountability Regime 59
Competition in the financial system 60
Small-medium enterprise lending 61
Access to credit 62
Mortgage brokers 63
Branch closures 64
Code of conduct for legal disputes 65
Appendix A. Hearings and Witnesses 66
Additional comments 67
Labor Members of the committee 67
Australian Greens member of the committee 74