The banking Royal Fee has failed – Westpac is proof

Charging lifeless folks, charges for no service, now cash laundering and baby exploitation. We’ve been right here earlier than, solely this time it’s worse.

Westpac chief Brian Hartzer fell on his sword.

Westpac chief Brian Hartzer fell on his sword.Credit score:AAP


A fast recap of the previous few years in banking revelations: there have been charges for no service for individuals who have been nonetheless residing and AMP’s life insurance coverage for the lifeless; there have been gymnasium instructors and hairdressers promoting NAB house loans and ANZ’s payment gouging on superannuation accounts; in 2017, CBA was pinged for 53,000 cash laundering offences, which noticed its CEO, Ian Narev, pressured to face down; and only recently they’ve been fined for promoting insurance coverage over the telephone. Now Westpac, Australia’s first and oldest financial institution, has sunk to the bottom level but.

There are the requires resignation from one path, a plea for extra inquiries from the opposite. The Treasurer assures us “Westpac will get via it”, and the Enterprise Council insists they’ve “clear[ed] the air”. We undergo the ritual of public apologies, in the meantime it’s enterprise as traditional behind closed doorways.

I spent 5 years engaged on establishing the Royal Fee into Banking. It’s with a heavy coronary heart that I say, primarily based on this week’s revelations, it has up to now failed to deal with the basis of the issue, one that can see us revisit scandal after scandal. We’re dealing right here with one thing systemic: a cultural drawback of revenue at any value.