28 September 2018
Today’s release of the interim report of the Royal Commission into Financial Services, Insurance and Superannuation, marks a day of shame for Australia’s banks.
There are no excuses for the behaviour that has been exposed by the Royal Commission.
Banks accept responsibility for their failures and right now they are working day and night to make things right for their customers.
We will fix these problems and make them right without delay, to earn back the trust of the Australian public.
We will build a banking industry which acts with integrity and is once again respected by our customers and the Australian community.
The industry will respond to the specific findings in the Interim Report through a submission in the coming weeks.
ENDS
Contact: Rory Grant 0475 741 007
More information is available on the ABA’s Royal Commission page.
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“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.