Economics Committee to hold urgent hearing ME Bank, ASIC and APRA: 3 June 2020

THE House of Representatives Standing Committee on Economics will hear from ME Bank, the Australian Securities and Investments Commission (ASIC), and the Australian Prudential Regulation Authority (APRA) at an urgent public hearing by videoconference on June 3, 2020.

This hearing is part of the committee’s ongoing review of the four major banks and other financial institutions.

The Chair of the committee, Tim Wilson MP, said, "Australians who take out a banking product expect it to be available when they need it, not nabbed in the middle of the night without notification."

On May 14, 2020 the committee scrutinised ME Bank on its actions earlier this year in restricting customers’ access to redraw facilities. Since ME Bank’s appearance, the committee has sought information from APRA and ASIC on ME Bank’s conduct and engagement with the regulators on this issue.

"The discrepancy between ME Bank’s evidence to the committee and advice from ASIC is deeply concerning and requires further scrutiny," Mr Wilson said.

Public hearing details

Date: Wednesday, 3 June 2020
Time: 12pm to 1pm
Location: Videoconference

12pm – ME Bank
     ASIC
     APRA
 1pm – Finish

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

ends