Australia’s big four banks are facing some tough questions in a three day hearing. The Parliamentary committee comes amidst growing calls for a Royal Commission into banking and financial services after years of scandals and unethical behaviour. Commonwealth Chief Executive Ian Narev spent over three hours defending the bank’s record, as MPs put forth questions about Commonwealth’s internal policies, banking culture and the CommInsure scandal.
The committee is being held alongside an investigation by the Australian Securities and Investment Commission, which is looking into the possibility of three major banks rigging interest rates.
The Labor Party as well as the Finance Sector Union however, are pushing for a Royal Commission with the hope of seeing legislative reform.