- Bank bosses to be interrogated at royal commission
- By Gareth Hutchens
- Contributed by: Arnold_Faringer ( 1 article in 2018 )
National Australia Bank’s Andrew Thorburn, Commonwealth Bank’s Matt Comyn and Westpac’s Brian Hartzer are to appear before the banking royal commission.
CBA, NAB and Westpac chiefs confirm that they will give evidence as witnesses
The heads of Australia’s biggest banks will be interrogated by Kenneth Hayne at the banking royal commission this month.
Less than six weeks after publishing a 1,000-page interim report that pilloried Australia’s financial services industry for putting greed and the pursuit of short-term profits ahead of honesty, the commissioner has asked the bosses of the major banks to appear as witnesses in the seventh round of hearings, which begins on 19 November.
Commonwealth Bank’s Matt Comyn, National Australia Bank’s Andrew Thorburn and Westpac’s Brian Hartzer have all confirmed they will appear as witnesses, while ANZ’s Shayne Elliott has said he will appear if asked.
Senior executives from Macquarie Group have also been asked to appear, marking the first time an executive from the group has been asked to give evidence to the commission. Executives from AMP Limited and Bendigo and Adelaide Bank will also appear.
Hayne said on Monday he wanted to explore with bank bosses some of the policy “issues” identified in his interim report.
It blasted Australia’s large financial institutions for a litany of appalling conduct, saying they had put “greed” and “the pursuit of short-term profit at the expense of basic standards of honesty”.
It also criticised the conduct of Australia’s key financial regulators – the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority.
“When misconduct was revealed, it either went unpunished or the consequences did not meet the seriousness of what had been done,” the interim report said, pointing out that Asic “rarely went to court to seek public denunciation of, and punishment for, misconduct”, and Apra “never went to court”.
Officials from both regulators have been asked to give evidence as witnesses again this month.