Banks to undergo further parliamentary grilling

by Miklos Bolza02 Feb 2017
The four major banks are set to undergo a second round of parliamentary scrutiny with the House of Representatives Standing Committee on Economics announcing three new public hearings.
The hearings form part of the government’s Review of the Four Major Banks and are mandated to be held at least once a year. This financial year, they will be held on the following days:
Date Time Bank
3 March 9.15am to 12.15pm NAB
7 March 9.15am to 12.15pm CBA
7 March 1.15pm to 4.15pm ANZ
8 March 9.15am to 12.15pm Westpac
“These hearings provide an important mechanism to hold the banking sector to account before the Parliament,” said David Coleman MP, chair of the Standing Committee.
By holding them again so soon after the last set of hearings, the Committee hopes to follow up on the ten recommendations stated in its first report on the big four banks which was released in November 2016.
Other issues such as ASIC and the ACCC commencing action against different banks for foreign exchange rate manipulation, cartel conduct, etc. are also likely to come up at this round of hearings.
Additional topics that will be covered in March include:
  • Domestic and international developments in the finance market including how they relate to and are affecting banking in Australia
  • The costs of funds, impacts on margins and the basis for bank pricing decisions
How individual banks and the industry as a whole is responding to issues raised in previous parliamentary inquiries will also be examined. This includes responses to the Australian Bankers’ Association’s six point plan on consumer protections and other reforms suggested by the government and regulators.
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