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Big 4 to face parliamentary scrutiny next month
Dates have been set for the public hearings being conducted by the House of Representatives Standing Committee on Economics, as part of its ongoing scrutiny of Australia’s four major banks.
Emma Musgrave
The committee has posted the dates as the 8 March and the 27 March, which will be held in the Main Committee Room at Parliament House, Canberra.
Committee chair Tim Wilson MP said the hearings “provide an important mechanism to hold the four major banks to account before the Parliament”.
“These hearings will, in particular, provide an opportunity to scrutinise the banks on the findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry,” Mr Wilson said.
The latest scrutiny follows four previous rounds of hearings the committee has completed as part of its ongoing review. Since it began the committee has made a suite of recommendations for banking reform, which have been broadly adopted by the government.
Some of those include: putting in place a one stop shop for consumer complaints, the Australian Financial Complaints Authority; a regulated Banking Executive Accountability Regime; and new powers and resources for the ACCC to investigate competition issues in the setting of interest rates.
The final report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was released on Monday, 4 February with Commissioner Kenneth Hayne handing down 76 recommendations.
In response to the final report, Lawyers Weekly received comments from several law firms about the impact such recommendations will have if adopted.
INSIGHT: Alex Whitlock, director of Momentum Media, shares his views on what the royal commission means for Australian borrowers and competition.
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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