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Member responses

ANZ – Shayne Elliott

ANZ Chief Executive Officer Shayne Elliott today commented on the release of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry’s Interim Report.

Mr Elliott said: “This is a critical moment for the industry, our bank and our people to continue the urgent work required to fix the significant failures highlighted by the Commission. We ­accept responsibility and we are determined to improve.

ANZ is taking action to fast-track changes – leadership, strategic, systems, people and cultural. We will make the investments required to build a bank worthy of the trust and respect of our customers and the community.

While this work is well underway, there is more to do and today’s report clearly sets out the damage we can do when we fail our customers.

We will analyse the report in detail and respond directly to the Commissioner. We will also continue to engage constructively through the remainder of the process.”

CBA – Matt Comyn

In response to the Interim Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Commonwealth Bank of Australia CEO Matt Comyn said:

“The Royal Commission’s Interim Report released today is confronting and rightly critical of our industry and our bank. We have seen too many examples of unacceptable behaviour and unacceptable customer outcomes.

The Commission has highlighted the need for significant changes, particularly to systems, processes and culture. I am committed to making sure that we learn from the failures detailed in this Report to fix what went wrong and put things right for our customers.

We have already made a number of changes and will make more to meet the community’s expectations and earn trust.

The vast majority of our people do the right thing by their customers every day. They have also been let down.

We will provide a comprehensive response to the Interim Report.”

NAB – Andrew Thorburn

“I have had the opportunity to read the summary of the Royal Commission interim report and will review the report in more detail over the weekend.

I would like to thank the Commissioner for his thoroughness and diligence.

For us at NAB, where we have made mistakes or done the wrong thing, we will own them and fix them. It is difficult to face the statement of ‘profits before people’, but this is exactly what we need to confront.

Banking was built on putting people first and earning the trust of customers.

We must return to these principles once again, rather than continuing to be short term managers.”

Westpac – Brian Hartzer

Westpac Group today noted the release of the Interim Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Westpac Group Chief Executive Brian Hartzer said: “This report marks a significant step in the Royal Commission process. We’re reviewing it carefully and are focused on learning from the mistakes of the past and preventing them from happening again.

The Royal Commission has identified many examples of misconduct across the industry. I apologise to any customers who have been impacted by mistakes that we have made.

While we’ve introduced a number of reforms, including to our remuneration structures, our approaches to dealing with customer issues and removing grandfathered commissions attributable to BT products, we know we still have more work to do.”

Westpac Group will be responding fully to the Interim Report as part of the submission process.

“Westpac has engaged fully and constructively with the Royal Commission process and will continue to do so,” Mr Hartzer said.