Banks need to fuel the economic engine of recovery and back households and small business says Chair of the House of Representatives Standing Committee on Economics, Tim Wilson MP, ahead of hearing with ANZ and CBA.

Media release issue date: Wednesday, 22 September 2021

‘We need banks to fuel the economic engine of recovery and back households and small business’, said Chair of the House of Representatives Standing Committee on Economics, Tim Wilson MP, in the lead up to the forthcoming hearing with ANZ and CBA. As the country faces the ongoing economic impact of lockdowns, banks continue to play important roles in aiding Australia’s economic recovery by supporting their customers in financial distress. Following on from its 9 September hearing, the House Economics Committee will this time hear from representatives of CBA and ANZ at a public hearing on Thursday 23 September. Again, a central focus of the hearing will be how the lockdowns have impacted home and business loan customers and how the banks are helping these customers pull through this difficult time. The committee will also grill the banks on their progress in implementing the recommendations of the Hayne Royal Commission. Mr Wilson said that ‘while there is light at the end of tunnel with the vaccine rollout, the ongoing lockdowns continue to negatively impact Australia’s economy and put significant pressures on some home and business loan customers’. ‘It’s vital that banks implement reasonable measures to relieve customers doing it tough as a direct result of the lockdowns, such as by offering loan deferrals, fee waivers and other support packages.’ Mr Wilson said. As with the 9 September hearing, this hearing will also cover the implications of common ownership and capital concentration on Australia’s economy. ‘The concentration of capital places inordinate power in the hands of a few large institutional investors that can wield their financial power to the detriment of smaller investors, customers and the wider national interest. The committee seeks to understand the extent of this problem and how the legal and regulatory framework should be changed to better manage the negative impacts of this,’ Mr Wilson said. For more information about the hearings, or to read transcripts from previous hearings, you can visit the committee’s website. Public hearing details Date: Thursday, 23 September 2021 Time: 9.15 am to 4.15 pm Witnesses: CBA and ANZ Due to health and safety concerns relating to the COVID-19 pandemic, this hearing is not currently scheduled to be open for public attendance. Interested members of the public will be able to view proceedings via the live webcast at aph.gov.au/live. Media enquiries Mr Tim Wilson MP Electorate: 03 9557 4644 Parliament: 02 6277 2392 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au For more information about this Committee, you can visit its website.

The House of Representatives Standing Committee on Economics will hear from key industry bodies, as well as from a range of financial advice firms at a public hearing via videoconference on Thursday 29 July 2021, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.

Media release issue date: Tuesday, 27 July 2021

The House of Representatives Standing Committee on Economics will hear from key industry bodies, as well as from a range of financial advice firms at a public hearing via videoconference on Thursday 29 July 2021, as part of its ongoing Review of the Four Major Banks and other Financial Institutions. The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account’. ‘Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or any third parties.’ ‘The Committee is looking froward to hearing what lessons have been learned by the industry over the course of the pandemic and what policy changes and technological innovations have been adopted in light of the Hayne Royal Commission. ‘There is ongoing anger and frustration from financial advisers about regulation surrounding their sector, the Committee will also scrutinise the justification and consequences that lead to financial advisers leaving the sector and the increasing limit of financial advice to those who cannot afford upfront payments.’ Following the Financial Advice hearing, IFM Investors will appear before the committee from 4.15pm for a superannuation sector hearing. Public hearing details Financial Advice Date: Thursday, 29 July 2021 Time: 10.00am to 3.45pm Location: Videoconference Superannuation Date: Thursday, 29 July 2021 Time: 4.15pm to 5.15pm Location: Videoconference The hearings will be webcast at aph.gov.au/live. For media comment: Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat Phone: (02) 6277 4587      Email: economics.reps@aph.gov.au

With the ‘Your Future, Your Super’ superannuation reforms having now come into effect the House Economics Committee will hear from key players in the sector at a public hearing via videoconference on Thursday 8 July, to discuss implementation of the reforms.

Media release issue date: Wednesday, 7 July 2021

With the ‘Your Future, Your Super’ superannuation reforms having now come into effect the House Economics Committee will hear from key players in the sector at a public hearing via videoconference on Thursday 8 July, to discuss implementation of the reforms. The hearing forms part of the Committee’s ongoing Review of the Four Major Banks and other Financial Institutions. Appearing will be industry funds, including Australian Super, CBUS, Aware, Prime, Maritime, and TWU Super, as well as the retail funds Fiducian, and Equity Trustees (trustee of Zurich Master Superannuation Fund). Committee Chair, Mr Tim Wilson MP said ‘Thursday’s hearing is an opportunity to scrutinise the superannuation sector’s response to the government’s “Your Future, Your Super” reforms’, which came into effect on 1 July. ‘It’s important that funds are taking their new obligations seriously, and that trustees are working in the best financial interests of members and being transparent about fund performance. In the highly competitive super field, where member assets have now exceeded $3 trillion, Australians should expect nothing less.’ ‘The committee will also continue to scrutinise the impact of COVID-19 on super, as it has for the past eighteen months. In particular, how is the pandemic outlook affecting the funds’ future investment strategies and how they treat their members,’ Mr Wilson said. A full program for the hearing is available on the committee’s website. Public hearing details Date: Thursday 8 July 2021 Time: 9.15am to 4.30pm Location: Videoconference The hearing will be broadcast live at aph.gov.au/live. Media inquiries Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat 02 6277 4587 economics.reps@aph.gov.au

Australian Banking Association, Bank of Queensland, Beyond Bank, HSBC Australia, ING Australia, Volt, Judo Bank, Teachers Mutual Bank Ltd and Unity Bank to appear before House Economics Committee on 1 July.

Media release issue date: Wednesday, 30 June 2021

The Australian Banking Association, Bank of Queensland, Beyond Bank, HSBC Australia, ING Australia, Volt, Judo Bank, Teachers Mutual Bank Ltd and Unity Bank will appear before the House Economics Committee on 1 July. The public hearing is part of the committee’s ongoing Review of the Four Major Banks and other Financial Institutions and will be conducted via videoconference. The smaller bank sector last appeared before the committee in November 2019. Chair, Mr Tim Wilson MP, said ‘Customer-owned and foreign banks operating in Australia are not exempt from scrutiny and should be held to account in the same way that the Four Major Banks are. Smaller banks play an important role in Australia’s financial ecosystem, and they also have responsibilities to their customers to uphold’. ‘The committee’s scrutiny will include the banks’ progress in implementing the recommendations of the Hayne Royal Commission into Misconduct in the Banking, Superannuation and the Financial Services industry. These hearings also give the committee an opportunity to question the banks on their approach to COVID-19’. The committee will also hear from newer banking players Volt and Judo Bank for the first time. Mr Wilson said that, ‘Neobanks have the potential to bring competition to the banking sector, however they have a long way to go and face many challenges, as we have seen with the acquisition of 86:400 and the closure of Xinja. We are looking forward to hearing from Volt and Judo Bank on their experience and role in the future of Australia’s banking sector’. Public hearing details Date: Thursday, 1 July 2021 Time: 9.15 am to 5.00 pm Location: Videoconference The hearing will be broadcast live at aph.gov.au/live. Media enquiries Mr Tim Wilson, Chair Electorate: 03 9557 4644 Parliament: 02 6277 2392 For background information Please contact the committee secretariat 02 6277 4587 economics.reps@aph.gov.au For more information about this Committee, you can visit its website.

The House of Representatives Standing Committee on Economics will hear from the Insurance Council of Australia, as well as from a range of insurers at a public hearing via videoconference on Friday 25 June 2020, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.

Media release issue date: Thursday, 24 June 2021

The House of Representatives Standing Committee on Economics will hear from the Insurance Council of Australia, as well as from a range of insurers at a public hearing via videoconference on Friday 25 June 2020, as part of its ongoing Review of the Four Major Banks and other Financial Institutions. The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s insurance sector to account’. ‘Insurance is an essential way that Australians and Australian businesses manage risk and protect themselves from financial loss after disaster strikes. Australians must be able to rely on the insurance sector to provide high-quality policies and respond quickly when claims are made.’ ‘The past 18 months has been a difficult time for many Australians. The COVID-19 pandemic quickly following on from a horror bushfire season, and recent extensive flooding in several states has meant businesses and individuals have had to depend upon their insurance companies in ways never before experienced.’ ‘The Committee is looking froward to hearing what lessons have been learned by the industry over the course of the pandemic and what policy changes and technological innovations have been adopted in light of the Hayne Royal Commission. Public hearing details Date: Friday, 25 June 2021 Time: 9.15am to 5.15pm Location: Videoconference The hearings will be webcast at aph.gov.au/live. For media comment: Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat Phone: (02) 6277 4587      Email: economics.reps@aph.gov.au  

Executives from Australia’s four major banks will appear before the House Economics Committee at public hearings this Thursday and Friday to discuss their response to the pandemic, the direction of the housing market, small business lending, and their progress implementing the Hayne Royal Commission recommendations.

Media release issue date: Wednesday, 14 April 2021

With the Australian comeback underway, executives from Australia’s four major banks will appear before the House Economics Committee at public hearings on Thursday and Friday this week to discuss their response to the pandemic, the direction of the housing market, small business lending, and their progress implementing the Hayne Royal Commission recommendations. Chair of the House of Representatives Economics Committee, Tim Wilson MP, explained that ‘with the phasing out of taxpayer-funded COVID-19 support and mortgage deferrals, we are keen to hear what the initial data is showing on the recovery of the economy and household balance sheets’. ‘Surging property prices, fuelled by historically low interest rates, have left many Australian first home buyers high and dry. Many young families are forced to save larger deposits while also paying increasingly higher rents. The committee will discuss the role of banks in empowering hard-working Australians to purchase property and invest in their future.’ Mr Wilson said. The hearings will also examine the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. ‘It is disappointing that compliance issues regarding unconscionable conduct and misrepresentations over fees continue to come to light. These behaviours erode the community’s trust in financial institutions. These hearings give the committee an opportunity to follow up on how they can be prevented in the future so that the industry can regain the community’s trust.’ Mr Wilson said. For more information about the hearings, or to read transcripts from previous hearings, you can visit the committee’s website. Public hearing details Date: Thursday, 15 April 2021 Time: 9.15 am to 4.15 pm Witnesses: CBA, Westpac Date: Friday, 16 April 2021 Time: 9.15 am to 4.15 pm Witnesses: NAB, ANZ Due to health and safety concerns relating to the COVID-19 pandemic, this hearing is not currently scheduled to be open for public attendance. Interested members of the public will be able to view proceedings via the live webcast at aph.gov.au/live. Media enquiries Mr Tim Wilson MP Electorate: 03 9557 4644 Parliament: 02 6277 2392 For background information Committee secretariat Phone: 02 6277 4587      Email: economics.reps@aph.gov.au For more information about this Committee, you can visit its website.

With Australia’s economy starting to recover from the impacts of COVID-19, this Monday (29 March) the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues.

Media release issue date: Friday, 26 March 2021

With Australia’s economy starting to recover from the impacts of COVID-19, this Monday (29 March) the House Economics Committee will gather key financial regulation bodies to discuss consumer protection, responsible lending, and other issues. Witnesses from the Australian Prudential Regulation Authority and Australian Securities & Investments Commission will appear at the hearing. Committee Chair Tim Wilson says ‘The COVID-19 pandemic has created unprecedented disruption and uncertainty in the financial sector’. ‘As Australia moves towards our “post COVID normal”, it is essential to maintain strong prudential regulation; promote competition; and ensure fair and transparent dealings to safeguard financial stability and consumer trust in the financial sector’. ‘After the Chair of ASIC stepped aside due to allegations of misuse of taxpayer funds during our last hearing, the committee is particularly interested in scrutinising ASIC’s response to the Treasury’s review of ASIC governance, released in January this year,’ Mr Wilson added. ‘The committee is also interested in hearing how APRA is promoting strong prudential regulation and operational resilience amongst financial institutions, including super funds.’ Public hearing details Date: Monday, 29 March 2021 Time: 9.00am to 1.30pm Venue: Main Committee Room, Parliament House, Canberra, and via videoconference The hearing will be broadcast live at aph.gov.au/live. For media comment: Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat Phone: (02) 6277 4587      Email: economics.reps@aph.gov.au

New players in the superannuation sector Future Super and Verve Super will be scrutinised, along with Diversa Trustees, at the House of Representatives Standing Committee on Economics public hearing this Wednesday.

Media release issue date: Monday, 1 February 2021

New players in the superannuation sector Future Super and Verve Super will be scrutinised, along with Diversa Trustees, at the House of Representatives Standing Committee on Economics public hearing this Wednesday. Committee Chair Mr Tim Wilson MP says the hearing will provide an opportunity to ask questions about these funds, their responses to the COVID-19 pandemic, and approaches to investing for the future prosperity of fund members. ‘Although newer to the sector, it is vital that super funds are scrutinised and held to the standards that Australians expect from the custodians of their retirement. It is crucial that the superannuation sector is operating effectively, fairly, and to the benefit of fund members.’ ‘Following on from our hearings on 6 and 20 November 2020, the committee looks forward to continuing its exploration of issues in the superannuation sector, and to gaining a better understanding of these newer players in the competitive super field,’ said Mr Wilson. The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the financial sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. A full program for the hearing is available on the committee’s website. Public hearing details Date: Wednesday, 3 February 2021 Time: 11.00am to 1.00pm Location: Videoconference The hearing will be broadcast live at aph.gov.au/live. For media comment: Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Committee Secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au  

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on Friday.

Media release issue date: Wednesday, 4 November 2020

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on Friday. Committee Chair Tim Wilson says Friday’s hearing will provide an opportunity to ask questions about superannuation funds’ response to COVID-19. “Before COVID-19 we have been scrutinising the super sector to ensure they’re putting members and their interests first, and the significant number of Australians who have accessed their super during the pandemic highlights the need for the sector to be there when Australians need them”, Mr Wilson said. “The scrutiny the Economics Committee has applied to the sector has led the government to propose welcome reforms to ensure that funds are acting consistent with member’s best interests”. “Similarly, it is important that the sector is not using its leverage to achieve interests not aligned with financial returns for members, such as needless advertising for a compulsory product or to intimidate listed companies to be participants in public debate”. ‘I’m looking forward to exploring this topic further, as particularly in times like these it is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members.’ The hearing forms part of a broader review of Australia’s four major banks and other financial institutions. Examination of these institutions will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. A full program for the hearing is available on the committee’s website. Public hearing details Date: Friday, 6 November 2020 Time: 10.30am to 4.45pm Location: Videoconference The hearings will be broadcast live at aph.gov.au/live. For media comment: Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat Phone: (02) 6277 4587,  Email: economics.reps@aph.gov.au  

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on 10 September 2020, as part of the committee’s ongoing review of the four major banks and other financial institutions.

Media release issue date: Wednesday, 9 September 2020

Key players in the superannuation sector will be scrutinised at the House of Representatives Standing Committee on Economics public hearing on 10 September 2020, as part of the committee’s ongoing review of the four major banks and other financial institutions. The Chair of the Committee, Mr Tim Wilson MP, said ‘these hearings are an important part of the committee’s scrutiny of the financial sector.’ ‘Due to the impact of the COVID-19 pandemic a significant number of Australians have accessed their super to support themselves during this difficult time. It is crucial that the superannuation sector is operating effectively, fairly and to the benefit of fund members,’ said Mr Wilson. The committee’s examination of the groups will also include monitoring the sector’s progress on implementing relevant recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. Public hearing details Date: Thursday, 10 September 2020 Time: 10.00am to 4.45pm Location: Videoconference 10.00am—ISPT Pty Ltd 11.00am—Break 11.15am—Industry Super Holdings 12.15pm—Lunch break 1.15pm— Mine Super 2.00pm—Hostplus 2.45pm—Break 3.00pm—AMP 3.45pm—CBUS 4.45pm—Finish The hearings will be broadcast live at aph.gov.au/live. For media comment Please contact the Committee Chair Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au

With the impact of COVID-19 still being felt around the country, executives from Australia’s four major banks will appear before a parliamentary committee in hearings over the next two Fridays to discuss their response to the pandemic.

Media release issue date: Wednesday, 2 September 2020

With the impact of COVID-19 still being felt around the country, executives from Australia’s four major banks will appear before a parliamentary committee in hearings over the next two Fridays to discuss their response to the pandemic. Chair of the House of Representatives Economics Committee, Tim Wilson MP, says the hearings are part of the parliament’s role in publicly scrutinising and holding Australia’s four major banks to account. ‘The Economics Committee and I are keen to discuss the banks’ response to the pandemic with the benefit of hindsight and bring forward new issues about Australia’s economic recovery,’ Mr Wilson said. ‘Since the start of the pandemic, the Australian Government has introduced a range of support measures in cooperation with the banks. It’s really important that financial institutions are held accountable and that they are treating consumers fairly during what is a difficult time for many Australians.’ ‘We are also keen to hear about the consequences of mortgage and small and medium business loan deferrals, and where there are opportunities for reform of responsible lending laws in light of the RBA Governor’s recent evidence to the committee’. In addition to COVID-19, the hearings will examine the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. ’The committee will scrutinise the banks on how they are improving their practices and rebuilding trust in the sector. In particular, the committee will question banks regarding compliance issues that have continued to come to light, such as Westpac’s compliance failings in relation to its transaction reporting system,’ Mr Wilson said. ‘Failures of this type have once again shaken the community’s trust in financial institutions, and these hearings give the committee an opportunity to follow up on how they can be prevented in the future so that the industry can regain the community’s trust.’ For more information about the hearings, or to read transcripts from previous hearings, you can visit the Committee’s website. Public hearing details Date: Friday 4 September 2020 Time: 9.15 am to 4.15 pm Witnesses: ANZ, CBA Location: Via videoconference Date: Friday 11 September 2020 Time: 9.15 am to 4.15 pm Witnesses: Westpac, NAB Location: Via videoconference The hearing will be broadcast live at aph.gov.au/live. Media enquiries Mr Tim Wilson MP Electorate: 03 9557 4644 Parliament: 02 6277 2392 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au

The House of Representatives Standing Committee on Economics will scrutinise the financial advice sector at a hearing by videoconference on 30 June 2020, as part of its ongoing review of the four major banks and other financial institutions.

Media release issue date: Sunday, 28 June 2020

The House of Representatives Standing Committee on Economics will scrutinise the financial advice sector at a hearing by videoconference on 30 June 2020, as part of its ongoing review of the four major banks and other financial institutions. The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s financial advice sector to account’. ‘Many Australians turn to financial advisers and mortgage brokers to help them navigate important financial decisions, such as finding the right mortgage or determining how to best invest in and secure their retirement. It is essential that Australians can trust that financial advisers and mortgage brokers are always acting in their client’s best interests, rather than the interests of the adviser or any third parties.’ ‘Given the widespread misconduct in the financial advice sector identified by the Hayne Royal Commission, it is important that financial advisers, mortgage brokers, and those in the industry are held accountable to ensure that they are making the crucial improvements needed to restore trust in the sector.’ Public hearing details Date: Tuesday, 30 June 2020 Time: 9.00am to 5.00pm Location: Via video conference 9.00am: Association of Financial Advisers; Financial Planning Association of Australia 10.00am: Mortgage and Finance Association of Australia; Finance Brokers Association of Australia 11.00am: Break 11.15am: Finance Adviser Standards and Ethics Authority 12.00pm: AMP 1.00pm: Lunch 1.45pm: IOOF 2.30pm: Industry Fund Services 3.15pm: Break 3.30pm: Australian Finance Group 4.15pm: Stockbrokers and Financial Advisers Association 5.00pm: Close The hearings will be broadcast live at aph.gov.au/live. Media enquiries Please contact the Committee Chair Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will hear from ME Bank, the Australian Securities and Investments Commission (ASIC), and the Australian Prudential Regulation Authority (APRA) at an urgent public hearing by videoconference on 3 June 2020.

Media release issue date: Tuesday, 2 June 2020

The House of Representatives Standing Committee on Economics will hear from ME Bank, the Australian Securities and Investments Commission (ASIC), and the Australian Prudential Regulation Authority (APRA) at an urgent public hearing by videoconference on 3 June 2020. This hearing is part of the committee’s ongoing review of the four major banks and other financial institutions. The Chair of the committee, Mr Tim Wilson MP, said ‘Australians who take out a banking product expect it to be available when they need it, not nabbed in the middle of the night without notification’. On 14 May 2020 the committee scrutinised ME Bank on its actions earlier this year in restricting customers’ access to redraw facilities. Since ME Bank’s appearance, the committee has sought information from APRA and ASIC on ME Bank’s conduct and engagement with the regulators on this issue.  ‘The discrepancy between ME Bank’s evidence to the committee and advice from ASIC is deeply concerning and requires further scrutiny’, said Mr Wilson. Public hearing details Date: Wednesday, 3 June 2020 Time: 12.00pm to 1.00pm Location: Videoconference 12.00pm – ME Bank ASIC APRA   1.00pm – Finish The hearings will be webcast at aph.gov.au/live. For media comment: Please contact the Committee Chair Mr Tim Wilson MP: Electorate: (03) 9557 4644; Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat: Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will hear from the General Insurance Code Governance Committee and the Insurance Council of Australia, as well as insurers at a public hearing via videoconference on 3 June 2020, as part of its ongoing Review of the Four Major Banks and other Financial Institutions.

Media release issue date: Monday, 1 June 2020

The House of Representatives Standing Committee on Economics will hear from the General Insurance Code Governance Committee and the Insurance Council of Australia, as well as insurers at a public hearing via videoconference on 3 June 2020, as part of its ongoing Review of the Four Major Banks and other Financial Institutions. The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s insurance sector to account’. ‘Insurance is an essential way that Australians and Australian businesses manage risk and protect themselves from financial loss after disaster strikes. Australians must be able to rely on the insurance sector to provide high-quality policies and respond quickly when claims are made.’ ‘The General Insurance Code Governance Committee’s recent findings regarding the substantial increase in code breaches is concerning. It is important that insurers have strong code compliance and governance frameworks in place to ensure that consumers are receiving the protections afforded to them by the code.’ ‘The COVID-19 pandemic has also raised a number of relevant issues relating to policy coverage ranging from travel insurance to lenders mortgage insurance that also need to be explored.’ Public hearing details Date: Wednesday, 3 June 2020 Time: 1.00pm to 4.30pm Location: Videoconference   1.00pm General Insurance Code Governance Committee 2.00pm Insurance Council of Australia 2.45pm Break 3.00pm Genworth 3.45pm Cover-More 4.30pm Close   The hearings will be webcast at aph.gov.au/live. For media comment: Please contact the Committee Chair Mr Tim Wilson MP: Electorate: (03) 9557 4644; Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat: Phone: (02) 6277 4587   Email: economics.reps@aph.gov.au  Website: www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will hear from ME Bank and Industry Super Australia at an urgent public hearing by videoconference on 14 May 2020, as part of its ongoing review of the four major banks and other financial institutions.

Media release issue date: Monday, 11 May 2020

Economics Committee to hold urgent hearing ME Bank and Industry Super Australia: 14 May 2020 The House of Representatives Standing Committee on Economics will hear from ME Bank and Industry Super Australia at an urgent public hearing by videoconference on 14 May 2020, as part of its ongoing review of the four major banks and other financial institutions. The Chair of the committee, Mr Tim Wilson MP, said ‘Australians who put their savings into the bank or entrust it with a superannuation fund rightly expect it to be secure’. ‘The conduct of ME Bank has raised urgent questions about the security and flexibility of the savings of Australians with their mortgage products and necessitates scrutiny’, Mr Wilson said.  ‘Australians trust superannuation funds with significant savings, they hold a fair expectation that funds will provide accurate information and will act promptly if they are eligible for early withdrawal. The conduct of Industry Super Australia in publishing dubious calculations about the impacts of early withdrawal will be examined, as will processes to stop fraud’, Mr Wilson said. ‘Members' equity should be paramount, and concerns about liquidity also need to be answered. It was only in November last year that the sector dismissed this committee’s concerns about liquidity prompted by substantial investments by funds in illiquid assets’, Mr Wilson said. ‘As the superannuation system is a significant mechanism enabling Australians to support themselves in retirement, it is crucial that the superannuation sector is operating effectively, fairly and for the benefit of fund members,’ said Mr Wilson. ‘The COVID-19 pandemic has also raised a number of issues, including how banks and the superannuation sector are supporting affected customers and members’, Mr Wilson said. Public hearing details  Date: Thursday, 14 May 2020 Time: 9.30am to 12.30pm Location: Videoconference 9.30am – Industry Super Australia 10.50am – Break 11.00am – ME Bank 12.30pm – Finish The hearings will be webcast at aph.gov.au/live. For media comment: Please contact the Committee Chair Mr Tim Wilson MP: Electorate: (03) 9557 4644; Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat: Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings by videoconference on 28 and 29 April 2020, as part of its ongoing review of the four major banks and other financial institutions.

Media release issue date: Thursday, 23 April 2020

The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings by videoconference on 28 and 29 April 2020, as part of its ongoing review of the four major banks and other financial institutions. The Chair of the committee, Mr Tim Wilson MP, said ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s insurance sector to account’. ‘Insurance is an essential way that Australians and Australian businesses manage risk and protect themselves from financial loss after disaster strikes. Australians must be able to rely on the insurance sector to provide high-quality policies and respond quickly when claims are made.’ ‘Given the widespread misconduct in the insurance sector identified by the Hayne Royal Commission, it is important that insurers and those in the industry are held accountable to ensure that they are making the crucial improvements needed to restore trust in the sector.’ ‘The COVID-19 pandemic has also raised a number of relevant issues relating to policy coverage ranging from travel insurance, landlord insurance and income protection that also need to be explored.’ Public hearing details Date: Tuesday, 28 April 2020 Time: 9.15am to 5.00pm VIDEOCONFERENCE Date: Wednesday, 29 April 2020 Time: 9.15am to 3.30pm VIDEOCONFERENCE 9.15am 10.45am 11.00am 12.00pm 1.00pm 2.00pm 3.00pm 4.00pm 5.00pm Insurance Council of Australia Break AFCA Allianz Australia Break Clearview Life Insurance AIA Australia TAL Life Close 9.15am 10.15am 11.15am 11.30am 12.30pm 1.30pm 2.30pm 3.30pm   Youi Suncorp Break Insurance Australia Group Break Youpla QBE Australia Close   The hearings will be broadcast live at aph.gov.au/live. For media comment: Please contact the Committee Chair Mr Tim Wilson MP: Electorate: (03) 9557 4644; Parliament: (02) 6277 2392 For background information: Please contact the committee secretariat: Phone: (02) 6277 4587   Email: economics.reps@aph.gov.au  Website:www.aph.gov.au/economics  

The House of Representatives Standing Committee on Economics has deferred its hearings with the four major banks on 12 June and 26 June until later in 2020.

Media release issue date: Friday, 27 March 2020

House of Representatives Standing Committee on Economics Chair: Tim Wilson MP The House of Representatives Standing Committee on Economics has deferred its hearings with the four major banks on 12 June and 26 June until later in 2020. The Chair of the committee, Mr Tim Wilson MP, stated that “it remains important that the banks and other entities are held publically accountable. However, the banks are fully occupied in responding to the COVID-19 pandemic. Therefore, it is prudent to defer the hearings until the situation improves. “The deferral of the hearings is dependent on the banks providing written updates on their progress with implementing measures of the Hayne Royal Commission to the committee for public release, as well as periodic updates on action they have taken in response to the COVID-19 pandemic”, Mr Wilson said. Insurance and superannuation sectors “Since the election the committee has held hearings with the four major banks, the smaller banks and the superannuation sector. It has not held them with the insurance and financial advice sectors”, Mr Wilson said. Public hearings with the insurance sector are scheduled for 28 and 29 April, although the committee will make a final decision on these hearings in early April. Hearings on the financial advice sector will be scheduled for later in 2020. “In the last round of hearings the superannuation sector dismissed the committee’s concerns about liquidity associated with the structure of their funds. Considering the super funds are now claiming liquidity issues which is inconsistent with the spirit of evidence they had previously submitted, the committee is reserving its right to hold a hearing with APRA, and the superannuation sector in the interests of financial stability”, Mr Wilson said.  Media Comment Please contact the Committee Chair Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics

The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in Sydney on 28 and 29 April 2020, as part of its ongoing review of the four major banks and other financial institutions.

Media release issue date: Thursday, 6 February 2020

The House of Representatives Standing Committee on Economics will scrutinise the insurance sector over two days of hearings in Sydney on 28 and 29 April 2020, as part of its ongoing review of the four major banks and other financial institutions. Public hearing details Dates: Tuesday, 28 April and Wednesday, 29 April 2020 Time: 9.15 am to 5.00 pm (both days) Location: Jubilee Room, NSW Parliament, Sydney The hearing will be broadcast (audio only) at aph.gov.au/live. Media inquiries Mr Tim Wilson MP Electorate: 03 9557 4644 Parliament: 02 6277 2392 For background information Committee Secretariat 02 6277 4587 economics.reps@aph.gov.au

Australia’s four major banks will appear before the House of Representatives Standing Committee on Economics at public hearings in Sydney on Friday, 12 June and Canberra on Friday, 26 June 2020.

Media release issue date: Thursday, 6 February 2020

House of Representatives Standing Committee on Economics Chair: Mr Tim Wilson MP Australia’s four major banks will appear before the House of Representatives Standing Committee on Economics at public hearings in Sydney on Friday, 12 June and Canberra on Friday, 26 June 2020. The Chair of the committee, Mr Tim Wilson MP, stated that ‘these hearings are an important mechanism for the Parliament to publicly scrutinise and hold Australia’s four major banks to account.’ Mr Wilson said ‘the committee’s scrutiny will include examining the four major banks’ progress in implementing the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.’ Mr Wilson said ‘recent revelations about Westpac’s shocking compliance failings in relation to its transaction reporting system have again shaken the community’s trust in financial institutions’. ‘Given these failings and the widespread misconduct identified by the Hayne Royal Commission, it is important that the banks and other entities are held publically accountable. This will help to ensure Australia’s financial sector implements the critical reforms needed to regain the community’s trust’, Mr Wilson said. The committee has already extended its scrutiny beyond the four major banks to smaller banks and the superannuation sector. The insurance and financial advice sectors will also be scrutinised at future hearings. Public hearing details Day 1 Date: Friday 12 June 2020 Time: 9.15 am to 4.15 pm Location: Macquarie Room, NSW Parliament House, 6 Macquarie St, Sydney 9.15 am to 12.15 pm: Westpac 1.15 pm to 4.15 pm: National Australia Bank Day 2 Date: Friday 26 June 2020 Time: 9.15 am to 4.15 pm Location: Main Committee Room, Parliament House, Canberra 9.15 am to 12.15 pm: Commonwealth Bank of Australia 1.15 pm to 4.15 pm: ANZ Bank The hearings will be audio cast live at aph.gov.au/live. Media comment Mr Tim Wilson MP Electorate: (03) 9557 4644 Parliament: (02) 6277 2392 For background information Please contact the committee secretariat Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au

Media release issue date: Monday, 1 January 0001