4 February 2019
The Australian banking industry acknowledges the rigour and diligence that Commissioner Hayne and his team have brought to this task.
The industry thanks all those customers who brought their personal experiences to the Commission – it is their courage underpinning this report.
This Commission has put the entire banking sector under the microscope. And this Final Report lays bare how banks have failed their customers and let down the Australian public.
Banks understand these failures have caused deep hurt, suffering and heartache for far too many customers and are sorry for the pain they have caused.
Banks accept full responsibility for these failings and know that they must now change to ensure this never happens again.
Banks are determined to learn the lessons, fix the problems and make it right.
Australians expect better from their banks and they deserve better.
This Report contains some very tough medicine for banks, including potential court cases.
The industry has already formed a Taskforce to begin the work that will be needed to get this job done.
This report is a roadmap for the industry to drive the change needed to earn back the trust of the Australian people.
This is an opportunity for banks to reset their relationship with customers and the public and they are determined not to miss it.
The industry understands that many people are cynical about whether banks will really change, but don’t judge us by our words, judge us by our actions.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
E&OERadio InterviewABC Illawarra22 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering; Scam prevention efforts by banks Melinda James: Well, this is a big and growing problem. There were 13,000 bank accounts shut down by the four major Australian banks in the financial year 2023–24. So, how big a problem… Read more »
Thank you for the opportunity to appear alongside our friends and colleagues at COBA today. The Cash Distribution Framework Bills are a critical step to provide security to the long-term availability of cash in Australia. Our written submission sets out our position in detail. Today I will focus on a few key points. The banking industry is committed to ensuring that Australians who… Read more »
E&OERadio Interview2SM Sydney21 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering Tim Webster: Look, we spoke to Peter Price from Crime Stoppers, the boss at Crime Stoppers, about this banking mules. I mean, this ridiculous situation where the young ones are coerced into being, you know, money mules and… Read more »