Powered by MOMENTUM MEDIA
subscribe to our newsletter
ANZ pledges to restore confidence in banks

ANZ pledges to restore confidence in banks

The chairman of ANZ, David Gonski, has stressed the need for a restoration of confidence in the banking sector, pledging to adopt a “progressive” and “respectful” approach on community issues.

In his address at ANZ’s Annual General Meeting held on Tuesday (19 December), Mr Gonski stated that the bank aims to improve both the bank and industry’s “standing in the community”, and he hopes that the banking Royal Commission will quell the “negative impact” on confidence in the system.

“We deeply regret the fact the community debate on banks and financial services came to this point,” the chairman said.

Advertisement
Advertisement

“Although we had long held the view that a Royal Commission was not necessary, in recent months, the political debate in Australia had started to have a negative impact on confidence in the financial system and the economy, and that confidence is vital to the long-term wellbeing of all of us.”

The chairman also acknowledged the “significant concerns” of the Australian public surrounding misconduct in the industry.

“Whatever we might have thought about the need for a Royal Commission, its cost and potential outcomes, we acknowledge that significant concerns exist among some customers and parts of the community about mis-selling and conduct in the financial services industry,” Mr Gonski added.

Further, the ANZ chairman expects the Royal Commission to be challenging for the industry, but he reaffirmed ANZ’s commitment to cooperate with the inquiry.

“[The] Royal Commission is a reality,” the chairman continued.  

“We do not underestimate how challenging this Royal Commission will be for our industry or for ANZ.

“Our commitment is to engage with the commission with the respect, transparency and the constructive approach that we have tried to make a hallmark of our engagement with government and regulators in recent times.”

Mr Gonski echoed a view expressed by Westpac chief executive officer Ben Hartzer and chairman Lindsay Maxsted at Westpac’s AGM earlier this month.

The pair also called for the Royal Commission to put an end to the “political football” being played at the expense of industry confidence and certainty.

“[Banks] have been a political football for too long,” Mr Hartzer said. “That’s why we have now accepted the need for a Royal Commission to create certainty and confidence in our banking system.”

[Related: Government agrees to hold Royal Commission into banks]

ANZ pledges to restore confidence in banks
mortgagebusiness

Charbel Kadib

Charbel Kadib is a journalist on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel held roles with public relations agency Fifty Acres, and the Department of Communications and the Arts.

Charbel graduated from the University of Notre Dame Australia with a Bachelor of Arts (Politics & Journalism).

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Latest News

Michael Andrew, a renowned tax and business leader, has passed away. ...

Two customer-owned banks have confirmed that they will merge next year to create “one of Australia’s largest nationally operating mutual...

The Reserve Bank may be forced to rethink its monetary policy approach, with expected rate cuts in the US and Europe blurring the economic o...

FROM THE WEB
podcast

LATEST PODCAST: Broker share and Westpac U-turn

Do you think the banking royal commission recommendations could negatively impact competition in the mortgage market?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.