Westpac Banking : welcomes the first progress report from banking industry's independent reviewer

14 July 2016

Westpac today welcomed the release of Mr Ian McPhee's first quarterly report on the progress made by the banking industry in implementing six initiatives to protect consumer interests, increase transparency, and build confidence in banks.

Westpac CEO Brian Hartzer said he was pleased the first report recognises the progress banks are making towards implementing the industry initiatives, announced on 21 April 2016.

'Westpac wholeheartedly supports the comprehensive package of initiatives, which are good for our industry and good for Australians,' Mr Hartzer said. 'The report has acknowledged the banks' progress so far to grow consumer confidence and work with regulators and stakeholders to address industry issues.'

'Together the initiatives will further empower customers, make it easier for them when things go wrong, and further strengthen our regulatory framework.'

The ABA initiatives include conducting an independent review into the Code of Banking Practice, an independent review of product sales commissions, enhancing whistleblower protections, and instituting an independent customer advocate within each bank to help resolve complaints.

'The ABA initiatives are in line with the changes Westpac has already been making across our business and are consistent with our goal to be one of the world's great service companies,' said Mr Hartzer. 'We will continue to work with the industry and Mr McPhee on the ambitious program of work designed to improve consumer outcomes and build confidence in banks.'