Big banks face double scrutiny

The four big banks are facing double scrutiny – that of a Royal Commission and that of the House of Representatives Standing Committee on Economics.

The Turnbull Government may have sought to use the Parliamentary Committee scrutiny of the four big banks as a means of forestalling the Royal Commission, but the committee has now confirmed that notwithstanding the activities of the Royal Commission it too will be conducting public hearings in October.

According to the chair of the Committee, Sarah Henderson, the hearings are being scheduled to be conducted shortly after the Royal Commission hands down its interim report, due on 30 September.

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“This will provide the Committee with an important opportunity to scrutinise the banks on a range of matters including the interim findings of the Royal Commission,” she said.

Henderson pointed to key reforms which she claimed had emanated from the Committee, including establishment of the Australian Financial Complaints Authority (AFCA) and the Bank Executive Accountability Regime (BEAR).

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