House of Representatives Standing Committee Review of the Four Major Banks (First Report), November 2016, opening lines of Chair’s forward:
Banking regulation should have two key goals: promoting financial stability and achieving strong outcomes for consumers. Financial stability is critical – but so is ensuring that consumers get a fair deal from the banking sector.
Due to Australia’s strong regulatory framework and the banking sector’s prudent management of financial risk, no Australian bank regulated by the Australian Prudential Regulation Authority (APRA) has ever failed. We need only consider the economic impact of bank failures in other nations to understand the importance of a stable banking system.
However, while they have remained financially strong, Australia’s major banks have let Australians down too frequently in too many other ways.
Australians turn to banks for assistance when making some of the most important decisions and facing some of the most serious challenges of their lives: borrowing to buy their first home; investing to support their retirement; and, in some cases, accessing insurance policies that they had hoped they would never need.
Australians should be able to trust that their bank will act in their best interests when they turn to them for help. It is clear that in some cases this has not happened….
Financial Review, graphic, 24 November 2016:
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