Westpac chief executive Brian Hartzer says the banking royal commission was a “sad indictment” on the entire financial sector, but vowed it will be a “profound” turning point for the lender.
Appearing before a parliamentary inquiry into the big four banks on Friday, Mr Hartzer said a key priority was to push ahead with responding to the report, which made 76 recommendations. Fifty-three of these recommendations would require action by banks, and of those, Westpac was either putting in place or had implemented 25, he said.
“Commissioner Hayne’s final report was a sad indictment on the financial services industry. The stories of misconduct clearly highlighted failings across the industry in our management of non-financial risks and our treatment of vulnerable customers,” Mr Hartzer said.
Asked by committee deputy chairman Matt Thistlethwaite if he was “happy” with the report, released last month, Mr Hartzer instead described the document as “sensible and balanced”.