Another bank executive has apologised to a Parliamentary committee over poor banking procedures and customers who were penalised as a result.
ANZ boss Shayne Elliot appeared on the second day of the inquiry into the big four banks.
Rhiannon Kallio reports.
The head of ANZ says the bank has changed its processes after refunding nearly 400,000 customers nearly $30 million dollars of fees.
The fees were wrongly charged to customers transferring money between their own accounts.
Shayne Elliot, CEO, ANZ: “We made the mistake, we fixed it and we gave the money back to our customers as quickly as we could.”
Elliott told the committee it was a mistake made by staff , but he wasn’t sure if they’d faced consequences,
Shayne Elliot, CEO, ANZ: “Each time we fall short, we potentially harm a customer or a member of the community and for that I apologise.”
He revealed during the grilling that breaches by financial planners had increased by 7 hundred per cent, with forty of them sacked for their mistakes.
David Coleman, Committee Chair, House of Representatives: “That suggests an internal culture to which is at best negligent and at worst deliberately structured to charge fees to clients that you are not entitled to charge.”
Following evidence from ANZ and the Commonwealth Bank over the past two days, there are calls to set up a bank tribunal to handle customer complaints.
Malcolm Turnbull, Prime Minister: “Yes, we do want to see a speedy, low cost way for people to resolve their complaints.”
The Labor party wants a Royal Commission instead of the current inquiry and any proposed tribunal.
NAB and Westpac executives will appear before parliament on Thursday.
Rhiannon Kallio, QUT News.