The banking Royal Commission will be a “catalyst for change” in Australia’s financial sector, Australia’s banks have claimed.
Banks including AMP, ANZ and NAB have called the release of the report “defining moment”, stating that it would “provide greater certainty” to Australia’s financial system while restoring confidence and stability.
Banks have stated that they will work the federal government, regulators and other involved bodies to work toward recommendations in the commission’s final report.
In a statement on Wednesday, AMP revealed that that organisation was already taking steps to “improve culture, governance, accountability and processes across the group.”
Meanwhile, ANZ said the bank had accepted responsibility for its failings while NAB would “engage constructively on these matters.”
The final report released to the public on Monday, produced damning revelations into the banking industry.
It found cases of customers being charged for services they did not receiving, including people being charged fees after they had died, poor treatment by banks towards farmers and small business and inappropriate advice to consumers.
AMP chairman David Murray said the industry had “rightly been heavily criticised for its mistakes.”
He said regulatory changes would improve service for customers.
“The financial services sector is a key pillar of the Australian economy, and it is essential that customers have trust in the services it provides,” Mr Murray said.
“The proposed regulatory changes will require serious and determined effort to implement but, with the support of industry, should deliver better outcomes for customers.
ANZ CEO Shayne Elliot said it a change of culture in the industry was needed.
“I recognise the size and nature of our compliance and culture challenge,” Mr Elliot said.
“I am determined we deal with it.”