Economics Committee to scrutinise the four major banks

AUSTRALIA'S four major banks will appear before the House of Representatives Standing Committee on Economics at public hearings in Canberra on November 8 and 15, 2019.

The Chair of the committee, Tim Wilson MP, said, "These hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s four major banks to account.

"The committee’s scrutiny will include examining the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

"Given the widespread misconduct across the financial services sector identified by the Hayne Royal Commission, it is important that financial institutions are held accountable and to ensure that they make the crucial improvements needed to start restoring trust in our financial institutions," Mr Wilson said.

Beyond actions taken by the sector, Treasurer Josh Frydenberg released a royal commission implementation road map today, which outlines how the Morrison Government will move on all recommendations requiring legislation by the end of 2020 – with one-third planned to be finalised this year.

In a future series of hearings the committee will extend its scrutiny beyond the four major banks to smaller banks and the insurance, superannuation and financial advice sectors.

Public hearing details

Date: Friday, 8 November 2019
Time: 9.15am to 4.15pm
Location: Committee Room 2R1, Parliament House, Canberra

9.15am–12.15pm: Westpac
1.15pm–4.15pm: Commonwealth Bank of Australia

Date: Friday, 15 November 2019
Time: 9.15am to 4.15pm
Location: Main Committee Room, Parliament House, Canberra

9.15am–12.15pm: National Australia Bank
1.15pm–4.15pm: Australian and New Zealand Banking Group 

The hearings will be broadcast live at aph.gov.au/live.

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