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.
Contact: Rory Grant 0475 741 007
“No customer is going to wake up the day after the 31st of March and find that there is some legal action being taken by their bank on their loan.”
“For the first time, banks are unveiling an industry-wide Financial Assistance Hub. The site aims to inform and assist bank customers so they know exactly where they stand, and the support their banks will provide them.”