Footnotes

Executive summary

[1]        Australian Government Factsheet, Improving Consumer Outcomes in Financial Services, 20 April 2016, p. 1.

[2]        The Hon Scott Morrison MP, Treasurer, joint media release with the Hon Kelly O'Dwyer MP, Minister for Small Business, Assistant Treasurer, Turnbull Government bolsters ASIC to protect Australian Consumers, 20 April 2016.

[3]        Australian Bankers' Association, Media Release, Banks act to strengthen community trust, 21 April 2016.

[4]        Duncan Hughes, 'Bullying banks to force valuers out of business', Australian Financial Review, 27 April 2016.

Chapter 1 - Introduction and background

[1]        ASIC Act 2001, s. 243.

[2]        House of Representatives, Votes and Proceedings, No. 122, 4 June 2015, pp 1362–1363.

[3]        His Excellency General the Honourable Sir Peter Cosgrove AK MC (Retd), Governor-General of the Commonwealth of Australia, Proclamation, 21 March 2016.

[4]        House of Representatives, Votes and Proceedings, No. 122, 4 June 2015, pp 1362–1363.

[5]        Senate Economics Reference Committee, The post-GFC banking sector, November 2012, pp 163–164.

[6]        Mr Peter Kell, Commissioner, ASIC, Senate Economics Committee Hansard, Inquiry into the post-GFC banking sector, 8 August 2012, p. 59.

[7]        The Independent Commission on Banking, The Vickers Report, December 2013, pp 9–10; Senate Economics Reference Committee, The post-GFC banking sector, November 2012, p. 176.

[8]        Parliamentary Commission on Banking Standards, Changing banking for good, June 2013, p. 9.

[9]        The government's response to the Parliamentary Commission on Banking Standards, 8 July 2013, p. 3.

[10]      Statement by former members of the Parliamentary Commission on Banking Standards, 17 November 2014, http://www.parliament.uk/bankingstandards, (accessed 9 July 2015).

[11]      Parliamentary Commission on Banking Standards, An accident waiting to happen: the failure of HBOS, 5 April 2013, p. 53.

[12]      Parliamentary Commission on Banking Standards, An accident waiting to happen: the failure of HBOS, 5 April 2013, pp 14–15.

[13]      Productivity Commission, Business Set-up, Transfer and Closure, December 2014, p. 2.

[14]      Financial System Inquiry, http://fsi.gov.au/, (accessed 21 April 2016).

[15]      Financial System Inquiry, December 2014, p. xxvii.

[16]      Fit for the Future, A capability review of the Australian Securities and Investments Commission, http://www.treasury.gov.au/PublicationsAndMedia/Publications/2016/ASIC-capability-review, (accessed 22 April 2016).

[17]      Australian Government Factsheet, Improving Consumer Outcomes in Financial Services, 20 April 2016, p. 1.

[18]      Australian Government Factsheet, Improving Consumer Outcomes in Financial Services, 20 April 2016, p. 1.

[19]      Australian Government Factsheet, Improving Consumer Outcomes in Financial Services, 20 April 2016, p. 1.

[20]      The Hon Scott Morrison MP, Treasurer, joint media release with the Hon Kelly O'Dwyer MP, Minister for Small Business, Assistant Treasurer, Turnbull Government bolsters ASIC to protect Australian Consumers, 20 April 2016.

[21]      Australian Bankers Association, Media Release, Banks act to strengthen community trust, 21 April 2016.

Chapter 2 - Practices of banks

[1]        Non-monetary defaults include defaults other than borrowers meeting repayment requirements set out in loan contracts. Further details are provided later in this chapter.

[2]        Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Committee Hansard, 18 November 2015, p. 29.

[3]        Mr David Craig, Group Executive for Financial Services, and Chief Financial Officer, Commonwealth Bank of Australia, Committee Hansard, 2 December 2015, p. 2.

[4]        Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 64.

[5]        Workout activities are discussed later in paragraph 2.26.

[6]        Mr Timothy Williams, General Manager, Group Strategic Business Services, National Australia Bank, Committee Hansard, 18 November 2015, p. 8.

[7]        Mrs Danielle Schaumburg, Committee Hansard, 19 November 2015, p. 26.

[8]        Mr Dario Pappalardo, Submission 13, p. 1; Mr & Mrs Mytton-Watson, Submission 29, p. 1; Ms Deborah Perrin, Submission 30, p. 2; Mr & Mrs Kruetzer, Submission 39, p. 1; Bank Reform Now, Submission 116, p. 1.

[9]        Mr & Mrs Lock, Submission 14, p. 2; Department Agriculture, Submission 44, p. 1; Tasmanian Small Business Council, Submission 61, p. 21; Ms Robyn Toohey, Submission 62, p. 2; Mr Peter Ward, Submission 98, p. 2; Mr Trevor Eriksson, Submission 101, pp 2–4; Mr Trevor Hall, Submission 109, p. 43; Mr Jim Martinek, Submission 153, p. 2.

[10]      Australian Bankers' Association, Submission 47, pp 7–8.

[11]      Mr Bill Ringrose, Submission 31, p. 2.

[12]      Legal Aid Queensland, Submission 55, p. 5.

[13]      Department Agriculture, Submission 44, p. 2.

[14]      Department Agriculture, Submission 44, p. 3.

[15]      Department Agriculture, Submission 44, p. 5.

[16]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 8.

[17]      Mr Rory, O'Brien, Committee Hansard, 13 November 2015, p. 4; Mr Roy Lavis, Committee Hansard, 19 November 2015, pp 2–6; Mr Trevor Eriksson, Committee Hansard, pp 54–55.

[18]      Australian Bankers' Association, Submission 47, p. 5.

[19]      Australian Bankers' Association, Submission 47, p. 1.

[20]      Australian Bankers' Association, Submission 47, pp 7–8.

[21]      Australian Bankers' Association, Submission 47, p. 8.

[22]      Australian Bankers' Association, Submission 47, p. 9.

[23]      COBA, Submission 51, p. 2.

[24]      Commonwealth Bank of Australia, Submission 48, p. 2.

[25]      Commonwealth Bank of Australia, Answers to questions on notice, taken on 12 November 2015, received 16 December 2016.

[26]      The Bankwest acquisition and price adjustment mechanism are discussed in Chapter 7.

[27]      Commonwealth Bank of Australia, Answers to questions on notice, taken on 12 November 2015, received 16 December 2016.

[28]      Commonwealth Bank of Australia, Answers to questions on notice, taken on 9 March 2016, received 31 March 2016.

[29]      Mr Graham Hodges, Deputy Group Executive Officer, ANZ, Committee Hansard, 13 November 2016, p. 64.

[30]      ANZ, Submission 49, p. 2.

[31]      ANZ, Submission 49, p. 2.

[32]      ANZ, Submission 49, p. 2.

[33]      ANZ, Submission 49, p. 14.

[34]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, 13 November 2016, p. 64.

[35]      NAB, Submission 50, pp 4–7.

[36]      NAB, Submission 50, pp 4, 6.

[37]      Westpac, Submission 126, p. 11.

[38]      Name withheld, Submission 5, p. 7; Name withheld, Submission 10, p. 4; Mr Anthony Rigg, Submission 15, pp 6–7; Mr & Mrs Courte, Submission 17, p. 2; Name withheld, Submission 26, p. 3; Mr Michael Sanderson, Submission 28, p. 4; Mr & Mrs Kreutzer, Submission 39, p. 9; Department of Agriculture, Submission 44, p. 2; Dr Evan Jones, Submission 83, p. 2; Mr & Mrs Bennette, Submission 85, p. 5; Danielle & Peter Schaumburg, Submission 95, p. 5; Mr Peter Ward, Submission 98, p. 6; Mr Trevor Eriksson, Submission 101, p. 2; Ms Faye Andrews, Submission 102, pp 2–6; Mr Peter McNamee, Submission 107, p. 13; Mr Sean Butler, Submission 113, p. 8; Ms Rita Troiani and Ms Janine Barrett, Submission 114, p. 6; Bank Reform Now, Submission 116, pp 6, 9, 13; Name withheld, Submission 152, p. 1; Mr Jim Martinek, Submission 153, p. 12.

[39]      Mr Peter McNamee, Submission 107, p. 13.

[40]      Mr & Mrs Courte, Submission 17, p. 2.

[41]      Name withheld, Submission 184, p. 4.

[42]      Mr Trevor Eriksson, Submission 101, p. 14.

[43]      Australian Bankers' Association, Submission 47, p. 3.

[44]      Mr David Craig, Group Executive for Financial Services, and Chief Financial Officer, Commonwealth Bank of Australia, Committee Hansard, 2 December 2015, pp 2–3.

[45]      Westpac, Submission 126, p. 13.

[46]      Mr Timothy Williams, General Manager, Group Strategic Business Services, NAB, Committee Hansard, 18 November 2015, p. 10.

[47]      Mr Anthony Rigg, Submission 15, p. 4; Mr Michael Sanderson, Submission 28, p. 2; Mr & Mrs Kreutzer, Submission 39, pp 1, 5; Legal Aid Queensland, Submission 55, p. 6; Mr & Mrs Bennette, Submission 85, p. 10; Mr Peter Hall, Submission 109,  pp 7, 41.

[48]      Name withheld, Submission 5, p. 5; Mr & Mrs Randles, Submission 8, p. 5. Mr Anthony Rigg, Submission 15, p. 5; Name withheld, Submission 21, p. 5; Ms Deborah Perrin, Submission 30, p. 2; Name withheld, Submission 32, p. 8; Mr Greg Bloomfield, Submission 34, p. 4; Mr & Mrs Kreutzer, Submission 39, pp 1, 9; Ms Robyn Toohey, Submission 62, p. 3; Mr Robert Barr, Submission 78, p. 10; Mr Robert Johnson, Submission 84, p. 7; Mr Roy Lavis, Submission 82, p. 2; Ms Charalambia Evripidou, Submission 93, p. 1; Danielle & Peter Schaumburg, Submission 95, p. 7; Mr Peter Ward, Submission 98, pp 6, 8; Mr Trevor Eriksson, Submission 101, p. 13; Mr Vittorio Cavasinni, Submission 103, p. 2; Mr Bruce White, Submission 104, p. 2; Bank Reform, Submission 116, pp 10–14.

[49]      Legal Aid Queensland, Submission 55, pp 4, 9.

[50]      Legal Aid Queensland, Submission 55, p. 6.

[51]      Mr Trevor Hall, Submission 109, p. 7.

[52]      Mr Roy Lavis, Submission 82, p. 2.

[53]      Mr Peter McNamee, Committee Hansard, 13 November 2016, p. 47.

[54]      Mr Trevor Eriksson, Committee Hansard, 13 November 2016, p. 62.

[55]      Australian Bankers' Association, Submission 47, p. 9.

[56]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, 13 November 2016, p. 73.

[57]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, 13 November 2016, p. 64.

[58]      Commonwealth Bank of Australia, Answers to questions on notice, taken 12 November 2015, receiver 16 December 2015.

[59]      Commonwealth Bank of Australia, Submission 48, p. 8.

[60]      Mr David Craig, Group Executive for Financial Services, and Chief Financial Officer, Commonwealth Bank of Australia, Committee Hansard, 2 December 2015, p. 2.

[61]      NAB, Submission 50, p. 10.

[62]      NAB, Submission 50, p. 10.

[63]      Westpac, Submission 126, pp 12–14.

[64]      ASIC, Submission 45, p. 28.

[65]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 9.

[66]      ASIC, Submission 45, pp 6–7.

[67]      Name withheld, Submission 18, pp 5–6; Consumer Credit Legal Service (WA) Inc, Submission 56, pp 5–6; Ms Suzi Burge, Submission 63, p. 7; Ms Jean Andersen, Submission 99, p. 1.

[68]      Consumer Credit Legal Service (WA) Inc, Submission 56, pp 5–6.

[69]      Australian Bankers' Association, Submission 47, p. 1.

[70]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 12–13.

[71]      Mr David Cohen, Group Executive for Corporate Affairs, and Group General Counsel, Commonwealth Bank of Australia, Committee Hansard, 4 April 2016, p. 39.

[72]      Westpac, Submission 126, p. 4.

[73]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 4 April 2016, p. 33.

[74]      Mr & Mrs Lock, Submission 14, p. 6; Name withheld, Submission 18, p. 5; Mr Brent Renouf, Submission 42, p. 4; Legal Aid Queensland, Submission 55, pp 4, 8; Tasmanian Small Business Council, Submission 61, p. 8; Ms Robyn Toohey, Submission 62, p. 1; Mr Lynton Freeman, Submission 64, p. 14; Dr Evan Jones, Submission 83, p. 11; Mr John Dahlsen, Submission 87, pp13–14; Mr Peter McNamee, Submission 107, p. 11; Name withheld, Submission 11, p. 5; Mr Sean Butler, Submission 113, p. 11; Bank Reform, Submission 116, pp 9, 27. JMA Parties, Submission 120, p. 3.

[75]      Mr Peter McNamee, Committee Hansard, 13 November 2016, p. 46; Mr Peter McNamee, Submission 107, p. 21.

[76]      Mr Peter McNamee, Committee Hansard, 13 November 2015, p. 54.

[77]      ASIC, Submission 45, pp 11–13.

[78]      ASIC, Supplementary submission 45, p. 3.

[79]      ASIC, Supplementary submission 45, p. 11. ASIC also noted that commercial and competitive drivers exist for lenders and their employees and representatives to serve the needs of customers.

[80]      ASIC, Supplementary submission 45, p. 12.

[81]      Australian Government Factsheet, Improving Consumer Outcomes in Financial Services, 20 April 2016, p. 1.

[82]      Australian Bankers Association, Media Release, Banks act to strengthen community trust, 21 April 2016.

Chapter 3 - FOS and internal dispute resolution

[1]        Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[2]        ASIC, Submission 45, p. 22.

[3]        ASIC, Regulatory Guide 165, Licensing: Internal and external dispute resolution, July 2015, pp 4, 10, 12.

[4]        ASIC, Regulatory Guide 165, Licensing: Internal and external dispute resolution, July 2015, p. 12.

[5]        ASIC, Regulatory Guide 165, Licensing: Internal and external dispute resolution, July 2015, pp 18–19.

[6]        ASIC, Regulatory Guide 165, Licensing: Internal and external dispute resolution, July 2015, p. 19.

[7]        FOS, Submission 46, p. 7.

[8]        ABA, Submission 47, p. 11.

[9]        Mr Gerard Brown, Group General Manager, Corporate Affairs, ANZ, Committee Hansard, 4 April 2016, p. 24.

[10]      Mr Tim Armstrong, Head, Micro and Small Business, South, NAB, Committee Hansard, 4 April 2016, p. 59.

[11]      Mr Tim Armstrong, Head, Micro and Small Business, South, NAB, Committee Hansard, 4 April 2016, p. 59.

[12]      Commonwealth Bank of Australia, What happens when I make a complaint? https://www.commbank.com.au/support/faqs/1255.html, (accessed 7 Aril 2016).

[13]      Westpac, Dispute resolution procedures, http://www.westpac.com.au/docs/pdf/pb/Dispute.pdf, (accessed 7 Aril 2016).

[14]      CCMC, 2013–14 Annual Report, p. 7.

[15]      CCMC, 2014–15 Annual Report, p. 11.

[16]      CCMC, 2013–14 Annual Report, p. 7; CCMC, 2014–15 Annual Report, p. 11.

[17]      CCMC, 2013–14 Annual Report, p. 20.

[18]      CCMC, 2014–15 Annual Report, pp 11, 15.

[19]      CCMC, 2013–14 Annual Report, p. 20; CCMC, 2014 –15 Annual Report, p. 15.

[20]      Name withheld, Submission 8, p. 11; Mr Paul Topping, Submission 25, p. 1; Mr Michael Sanderson, Submission 28, p. 8.

[21]      Mr Dario Pappalardo, Submission 13, p. 2; Mr Paul Topping, Submission 25, p. 1; Mr Michael Sanderson, Submission 28, p. 8; Mr Eric Fraunfelter, Submission 68, p. 2; Mr Trevor Eriksson, Submission 101, p. 7; JMA Parties, Submission 120, pp 6–7; Mr & Mrs Smith, Submission 141, p. 19; Mr Denis McMahon, Senior Lawyer, Farm and Rural Legal Service, Civil Justice Services, Legal Aid Queensland, Committee Hansard, 19 November 2015, p. 36.

[22]      Mr & Mrs Randles, Submission 8, pp 8, 10.

[23]      Bank Reform Now, Submission 116, p. 27.

[24]      Mr Denis McMahon, Senior Lawyer, Farm and Rural Legal Service, Civil Justice Services, Legal Aid Queensland, Committee Hansard, 19 November 2015, p. 36.

[25]      JMA Parties, Submission 120, p. 9.

[26]      Tasmanian Small Business Council, Submission 61, p. 12.

[27]      Mr Denis McMahon, Senior Lawyer, Farm and Rural Legal Service, Civil Justice Services, Legal Aid Queensland, Committee Hansard, 19 November 2015, p. 33.

[28]      Mr Trevor Eriksson, Submission 101, p. 2.

[29]      Mr Peter McNamee, Committee Hansard, 13 November 2015, pp 47–48.

[30]      Tasmanian Small Business Council, Submission 61, p. 26.

[31]      Mr Ian Gilbert, Director Banking Services Regulation, Australian Banker's Association, Committee Hansard, 18 November 2015, p. 30.

[32]      ASIC, Submission 45, p. 22.

[33]      Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[34]      Financial Ombudsman Service, Submission 46, p. 4.

[35]      Financial Ombudsman Service, Submission 46, p. 5.

[36]      Financial Ombudsman Service, Submission 46, p. 5.

[37]      Australian Bureau of Agricultural and Resource Economics and Sciences, the Australian Bankers' Association and the National Farmers' Federation, Regional farm debt, December 2014, p. 27.

[38]      Financial Ombudsman Service, Submission 46, p. 6.

[39]      Financial Ombudsman Service, Submission 46, p. 6.

[40]      Financial Ombudsman Service, Submission 46, p. 6.

[41]      Financial Ombudsman Service, Submission 46, p. 6.

[42]      Financial Ombudsman Service, Submission 46, p. 6.

[43]      Financial Ombudsman Service, Submission 46, p. 6.

[44]      Financial Ombudsman Service, Submission 46, p. 6.

[45]      ASIC, Submission 45, pp 22–23.

[46]      ASIC, Submission 45, p. 23.

[47]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 10.

[48]      CameronRalph Navigator, 2013 Independent Review Report to the Board of the Financial Ombudsman Service, pp 63–65.

[49]      CameronRalph Navigator, 2013 Independent Review Report to the Board of the Financial Ombudsman Service, pp 63–65.

[50]      CameronRalph Navigator, 2013 Independent Review Report to the Board of the Financial Ombudsman Service, pp 8–10.

[51]      ASIC, Submission 45, p. 23.

[52]      ASIC, Submission 45, p. 23.

[53]      Financial Ombudsman Service, Submission 46, p. 5.

[54]      ASIC, Submission 45, p. 23.

[55]      Financial Ombudsman Service, Terms of Reference, 1 January 2010, pp 11–12.

[56]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 10.

[57]      Financial Ombudsman Service, Submission 46, p. 11.

[58]      CCMC, Submission 4, p. 2.

[59]      Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[60]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, pp 65–66.

[61]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 73.

[62]      Mr William Malcom, General Manager, Credit Risk, Westpac Banking Corporation, Committee Hansard, 18 November 2015, p. 65.

[63]      Mr Anthony Pearson, Chief  Economist and Executive Director, Industry Policy, Australian Bankers' Association, Committee Hansard, 18 November 2015, p. 30.

[64]      The Hon Scott Morrison MP, Treasurer, joint media release with the Hon Kelly O'Dwyer MP, Minister for Small Business, Assistant Treasurer, Turnbull Government bolsters ASIC to protect Australian Consumers, 20 April 2016.

[65]      Australian Bankers Association, Media Release, Banks act to strengthen community trust, 21 April 2016.

[66]      Mr Ken Winton,  Submission 67, p. 31.

[67]      Financial Ombudsman Service, Terms of Reference, 1 January 2010, p. 14.

[68]      Financial Ombudsman Service, Terms of Reference, 1 January 2010, p. 14.

[69]      Financial Ombudsman Service, Terms of Reference, 1 January 2010, p. 14.

[70]      Cameron Ralph Navigator, 2013 Independent Review report to the Board of the Financial Ombudsman Service, p. 63.

[71]      Cameron Ralph Navigator, 2013 Independent Review report to the Board of the Financial Ombudsman Service, p. 65.

[72]      Name withheld, Submission 2, p. 1; Ms Katie Shafar, Submission 11, p. 2; Name withheld, Submission 18, pp 3–5; Mr Paul Topping, Submission 25, p. 1; Mr & Mrs Mytton-Watson, Submission 29, p. 9; Mr Brent Renouf, Submission 42, p. 4; Mr Gerard O'Grady, Submission 65, p. 2; Mr Ken Winton,  Submission 67, p. 29; Mr & Mrs Sterndale, Submission 82, p. 1; Dr Evans Jones, Submission 83, p. 12.

[73]      Ms Katie Shafar, Submission 11, p. 2; Name withheld, Submission 18, p. 3; Tasmanian Small Business Council, Submission 61, pp 12–13; Mr & Mrs Smith, Submission 141, p. 19.

[74]      Mr Brent Renouf, Submission 42, p. 4; JMA Parties, Submission 120, pp 6–7;  Mr & Mrs Smith, Submission 141, p. 19; Name withheld, Submission 152, p. 2.

[75]      Tasmanian Small Business Council, Submission 61, pp 12–13.

[76]      Financial Ombudsman Service, Submission 46, pp 8–9.

[77]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 8.

[78]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 65.

[79]      Financial Ombudsman Service, Apply for membership, https://www.fos.org.au/members/apply-for-membership/#id=AFSL, (accessed 31 March 2016).

[80]      Credit and Investments Ombudsman, Applying for CIO Membership, http://www.cio.org.au/members/apply-for-membership/, (accessed 31 March 2016).

[81]      Credit and Investments Ombudsman, http://www.cio.org.au/members/member-faqs/are-there-any-fees-for-cio-hearing-a-complaint/, (accessed 27 March 2016).

[82]      CCMC, 2014–15 Annual Report, p. 33.

[83]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 9.

[84]      Mr Trevor Eriksson, Submission 101, p. 2; Tasmanian Small Business Council, Submission 61, Attachment 1, pp 7, 9, 18; Mr Erik Fraunfelter, Submission 68, p. 2.

[85]      Mr Michael Sanderson, Submission 28, p. 8.

[86]      Mr Trevor Eriksson, Submission 101, p. 2; Mr and Mrs Smith, Submission 141, p. 4; Mr Nashaat Sedhom, Submission 91, p. 6; Mr Jim Martinek, Submission 153, p. 2.

[87]      Mr Trevor Eriksson, Committee Hansard, 13 Nov 2015, p. 60.

[88]      Mr Peter McNamee, Submission 107, pp 4, 21.

[89]      Mr Trevor Hall, Submission 109, p. 48.

[90]      Bank Reform Now, Submission 116, p. 27.

[91]      JMA Parties, Submission 120, p. 6.

[92]      JMA Parties, Submission 120, Attachment A, p. 4.

[93]      Tasmanian Small Business Council, Submission 61, p. 26.

[94]      Ferrier Hodgson, Submission 147, pp 5–6.

[95]      Mr Geoff Greene, Head, Strategic Business Service, NAB, Committee Hansard, 4 April 2016, p. 61.

[96]      Lawrence Tomlinson, Entrepreneur in Residence at the Department for Business Innovation and Skills, Bank's Lending Practices: Treatment of Businesses in distress, November 2013, pp 14–15.

[97]      Lawrence Tomlinson, Entrepreneur in Residence at the Department for Business Innovation and Skills, Bank's Lending Practices: Treatment of Businesses in distress, November 2013, pp 14–16.

[98]      Lawrence Tomlinson, Entrepreneur in Residence at the Department for Business Innovation and Skills, Bank's Lending Practices: Treatment of Businesses in distress, November 2013, p. 16.

Chapter 4 - Other EDR schemes and borrower protections

[1]        Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[2]        ASIC, Supplementary submission 45, p. 9.

[3]        Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[4]        Financial Ombudsman Service, The Code Compliance and Monitoring Team, https://www.fos.org.au/the-circular-22-home/fos-news/the-code-compliance-and-monitoring-team/, (accessed 2 April 2016).

[5]        Financial Ombudsman Service, The Code Compliance and Monitoring Team, https://www.fos.org.au/the-circular-22-home/fos-news/the-code-compliance-and-monitoring-team/, (accessed 2 April 2016).

[6]        CCMC, Submission 4, p. 1.

[7]        CCMC, Submission 4, p. 1.

[8]        CCMC, Submission 4, p. 1.

[9]        CCMC, Submission 4, p. 2.

[10]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, pp 13, 14.

[11]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 12.

[12]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 12.

[13]      Mr Geoffrey Fader, Chair, Tasmanian Small Business Council, Committee Hansard, 16 October 2015, p. 1.

[14]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 17.

[15]      CCMC, https://forms.fos.org.au/CCMC/(S(nvvafgnb02z3ow1ceufs5qj2))/Complaint/New, (accessed 23 March 2016).

[16]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Committee Hansard, 18 November 2015, p. 29.

[17]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 12.

[18]      CCMC, 2013 –14 Annual Report, p. 24.

[19]      Tasmanian Small Business Council, Committee Hansard, 16 October 2015, pp 3, 7.

[20]      Mr Anthony Pearson, Chief Economist and Executive Director, Industry Policy, Australian Bankers' Association, Committee Hansard, 18 November 2015, p. 29.

[21]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 15.

[22]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 16.

[23]      Credit and Investments Ombudsman, Our Role, http://www.cio.org.au/about/our-role/, (accessed 27 March 2016).

[24]      Credit and Investments Ombudsman, Applying for CIO Membership, http://www.cio.org.au/members/apply-for-membership/, (accessed 31 March 2016).

[25]      Credit and Investments Ombudsman, http://www.cio.org.au/members/member-faqs/are-there-any-fees-for-cio-hearing-a-complaint/, (accessed 27 March 2016).

[26]      Credit and Investments Ombudsman, Credit and Investments Ombudsman Rules, 5 May 2014, pp 12, 40.

[27]      Customer Owned Banking Code Compliance Committee, About us, http://www.cobccc.org.au/about-us/, (accessed 2 April 2016).

[28]      Customer Owned Banking Code Compliance Committee, About us, http://www.cobccc.org.au/about-us/, (accessed 2 April 2016).

[29]      ASIC, Submission 45, pp 3, 6.

[30]      ASIC, Submission 45, p. 7.

[31]      ASIC, Submission 45, p. 7; see also Mr Peter Kell, Commissioner, ASIC, Senate Economics Committee Hansard, Inquiry into the post-GFC banking sector, 8 August 2012, p. 59.

[32]      ASIC, Submission 45, p. 9.

[33]      ASIC, Submission 45, p. 8.

[34]      Footnote: ASIC, Submission 45, p. 6.

[35]      ASIC, Submission 45, p. 6.

[36]      ASIC, Submission 45, p. 18.

[37]      ASIC, Submission 45, p. 18.

[38]      Commercial Asset Finance Brokers Association of Australia, 2013–14 Annual Review, p. 2.  

[39]      Productivity Commission, Business Set-up, Transfer and Closure, September 2015, p. 15.

[40]      Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[41]      ASIC, Submission 45, pp 6–7.

[42]      ASIC, Submission 45, p. 11.

[43]      Financial Ombudsman Service, Submission 46, p. 5.

[44]      Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[45]      ASIC, Submission 45, p. 16.

[46]      ASIC, Submission 45, p. 16.

[47]      Mr Warren Day, Senior Executive Leader, ASIC, Committee Hansard, 23 November 2015, p. 11.

[48]      ASIC, Supplementary submission 45, p. 4.

[49]      Financial System Inquiry, Final Report, December 2014, p. xxvii.

[50]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 8.

[51]      ASIC, Submission 45, p. 18.

[52]      ASIC, Submission 45, p. 20.

[53]      ASIC, Trouble with debt, https://www.moneysmart.gov.au/managing-your-money/managing-debts/trouble-with-debt#hardship, (accessed 23 March 2016).

[54]      Cameron Ralph Navigator, 2013 Independent Review report to the Board of the Financial Ombudsman Service, p. 54.

[55]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 12.

[56]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 12.

[57]      Mr Christopher Doogan, Independent Chair, Code Compliance Monitoring Committee, Committee Hansard, 16 October 2016, p. 12.

[58]      Code Compliance Monitoring Committee, Financial Difficulty Own Motion Inquiry, November 2015, p. 7.

[59]      Announcement by Minister for Small Business and Assistant Treasurer, the Hon Kelly O'Dwyer MP, http://www.asbfeo.gov.au/news-article/asbfeo-commences, (accessed 22 March 2016).

[60]      Australian Small Business and Family Enterprise Ombudsman Act 2015, p. 3.

[61]      Australian Small Business and Family Enterprise Ombudsman Act 2015, pp 3–4.

[62]      Treasury, Australian Small Business and Family Enterprise Ombudsman, http://www.treasury.gov.au/Policy-Topics/Business/Small-Business/Family-Enterprise-Ombudsman, (accessed 2 April 2016).

[63]      Australian Small Business and Family Enterprise Ombudsman Act 2015, p. 4.

[64]      Australian Bankers Association, Submission 47, p. 12.

[65]      Australian Bankers Association, Submission 47, p. 12.

[66]      Mr Graham Hodges, Deputy Group Executive Officer, ANZ, Committee Hansard, 13 November 2016, p. 65.

[67]      Mr Timothy Williams, General Manager, Group Strategic Business Services, National Australia Bank, Committee Hansard, 18 November 2015, pp 8–9.

[68]      Department of Agriculture, Submission 44, pp 2–3.

[69]      Mr Graham Hodges, Group Chief Executive Officer, ANZ, Committee Hansard, 4 April 2016, p. 31.

[70]      Mr David Cohen, Group Executive for Corporate Affairs and Group General Counsel, Commonwealth Bank of Australia, Committee Hansard, 4 April 2016, p. 40.

[71]      Australian Centre for International Commercial Arbitration, http://acica.org.au/about, (accessed 8 April 2016).

[72]      Australian Centre for International Commercial Arbitration, http://acica.org.au/about, (accessed 8 April 2016).

[73]      Australian Centre for International Commercial Arbitration, http://acica.org.au/assets/media/Rules/2016-Rules-and-Schedule/ACICA-Fee-Schedule-2016.pdf, (accessed 8 April 2016).

[74]      Australian Centre for International Commercial Arbitration, Arbitration Rules, 1 January 2016, p. 36.

[75]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 8.

[76]      Australian Small Business and Family Enterprise Ombudsman Act 2015, sections 3, 71.

[77]      Australian Small Business and Family Enterprise Ombudsman Act 2015, sections 68, 71.

[78]      Australian Small Business and Family Enterprise Ombudsman Act 2015, section 4.

[79]      ASIC, Supplementary submission 45, pp 9–10.

Chapter 5 - The role of property valuers

[1]        Australian Taxation Office, What 'market value' means, 1 July 2015, https://www.ato.gov.au/General/Employee-share-schemes/In-detail/Market-value/Market-valuation-for-tax-purposes/?page=3, (accessed on 16 December 2015).

[2]        Australian Taxation Office, What 'market value' means, 1 July 2015, https://www.ato.gov.au/General/Employee-share-schemes/In-detail/Market-value/Market-valuation-for-tax-purposes/?page=3, (accessed on 16 December 2015).

[3]        1907 5 CLR 418.

[4]        1907 5 CLR 418.

[5]        Australian Taxation Office, What 'market value' means, 1 July 2015, https://www.ato.gov.au/General/Employee-share-schemes/In-detail/Market-value/Market-valuation-for-tax-purposes/?page=3, (accessed on 16 December 2015).

[6]        Name withheld, Submission 5, p. 10; Mr & Mrs Randles, Submission 8, pp 9, 14; Mr Colin Power, Submission 12, p. 5; Mr Barry Alcock, Submission 19, p. 3; Mr Frank Galea, Submission 20,  pp 1, 2; Name withheld, Submission 21, p. 2, Aurora Lifestyle Holdings Pty Ltd; Submission 22, p. 2; Kelgon Development Corporation Pty Ltd, Submission 24, p. 4; Mr Michael Sanderson, Submission 28, p. 2; Name withheld, Submission 31, p. 2; Mr Lynton Freeman, Submission 64, pp 30–31; Mr Yves El Khoury,  Submission 71, p. 3; The Provincial Financial Group (Provic), Submission 88, p. 3; Danielle & Peter Schaumburg, Submission 95, p. 3; Consumer Credit Legal Service (WA) Inc., Submission 56,  pp 9–10;

[7]        Ms Catherine Kearney, Submission 33, p. 2; Mr Lynton Freeman, Submission 64, pp 17, 30.

[8]        Mr Bill Ringrose, Submission 31, p. 2; Legal Aid Queensland, Submission 55, p. 5; Mr John Dahlsen, Submission 87, p. 21; The Provincial Financial Group (Provic), Submission 88, p. 1; Danielle & Peter Schaumburg, Submission 95, p. 3; Mr Trevor Eriksson, Submission 101, p. 1.

[9]        Mr Eric Fraunfelter, Submission 68, p. 1; Mr John Dahlsen, Submission 87, p. 21; Mr Romesh Wijeyeratne, Committee Hansard, 13 November 2015, p. 20; Mr Trevor Eriksson, Submission 101, p. 4.

[10]      Name withheld, Submission 5, p. 10; Mr & Mrs Lock, Submission 14, p. 3; Name withheld, Submission 59, p. 1; Ms Robyn Toohey, Submission 62, p. 2; Mrs Kathryn Johnson, Submission 90, p. 1; Legal Aid Queensland, Submission 55, p. 5; Mr Paul Waterhouse, Chairman, Australian Valuers Institute, Committee Hansard, 16 February 2016, p. 11.

[11]      Kelgon Development Corporation Pty Ltd, Submission 24, p. 1; Mr & Mrs Kreutzer, Submission 39, p. 9; Tasmanian Small Business Council, Submission 61, p. 19; Mr Lynton Freeman, Submission 64, p. 22; Mr Robert Barr, Submission 78,  p. 1; Danielle & Peter Schaumburg, Submission 95, p. 7.

[12]      Mr Barry Alcock, Submission 19, p. 3; Mr Bill Ringrose, Submission 31, p. 2; Name withheld, Submission 31, p. 2; Ms Catherine Kearney, Submission 33, p. 2; Legal Aid Queensland, Submission 55, p. 5; Tasmanian Small Business Council, Submission 61, p. 3; Mr & Mrs Christian, Submission 74, p. 1; Mr Robert Barr, Submission 78, p. 1; Mr & Mrs Bennette, Submission 85, p. 2. Mr Trevor Eriksson, Submission 101, p. 1.

[13]      Mr Barry Alcock, Submission 19, p. 3; Mr Bill Ringrose, Submission 31, p. 2; Mr Lynton Freeman, Submission 64, pp 22, 30; Mr Roy Lavis, Committee Hansard, 19 November 2015, pp 7–8.

[14]      Tasmanian Small Business Council, Submission 61, p. 3; Mr Ken Winton, Submission 67, p. 3; Mr & Mrs Sterndale, Submission 82,  p. 1; Mr John Dahlsen, Submission 87, p. 21; The Provincial Financial Group (Provic), Submission 88, p. 1; Ms Charalambia Evripidou,  Submission 93, p. 1.

[15]      Mr Bill Ringrose, Submission 31, p. 2.

[16]      Tasmanian Small Business Council Submission 61, p. 3.

[17]      Mr Lynton Freeman, Submission 64, p. 17.

[18]      Mr Romesh Wijeyeratne, Committee Hansard, 13 November 2015, p. 20.

[19]      Mr Trevor Eriksson, Committee Hansard, 13 November 2015, p. 61.

[20]      Mr Trevor Eriksson, Committee Hansard, 13 November 2015, p. 61.

[21]      The Provincial Financial Group (Provic), Submission 88, pp 4–5.

[22]      ASIC, Submission 45, pp 10–15.

[23]      Tasmanian Small Business Council Submission 61, p. 20.

[24]      Consumer Credit Legal Service (WA) Inc., Submission 56, pp 9–10.

[25]      Mr Bill Ringrose, Submission 31, p. 2.

[26]      Consumer Credit Legal Service (WA) Inc., Submission 56, p. 10.

[27]      Legal Aid Queenland, Submission 55, p. 5.

[28]      Department of Agriculture, Submission 44, p. 7.

[29]      Mr Bill Ringrose, Submission 31, p. 2.

[30]      Department of Agriculture, Submission 44, p. 5.

[31]      Mr Bill Ringrose, Submission 31, p. 2.

[32]      Mr Roy Lavis, Committee Hansard, 19 November 2015, pp 7–8.

[33]      APRA, Prudential Standard APS 220 Credit Quality, January 2015, p. 27.

[34]      APRA, Prudential Standard APS 220 Credit Quality, January 2015, p. 28.

[35]      APRA, Prudential Standard APS 220 Credit Quality, January 2015, p. 27.

[36]      APRA, Prudential Standard APS 220 Credit Quality, January 2015, p. 28.

[37]      APRA, Prudential Standard APS 220 Credit Quality, January 2015, pp 28–29.

[38]      APRA, Prudential Standard APS 220 Credit Quality, January 2015, p. 29.

[39]      Mr Lynton Freeman, Submission 64, p. 19.

[40]      Mr Lynton Freeman, Submission 64, p. 19.

[41]      Mr Neil Grummitt, Credit and Operational Risk Services, APRA, Committee Hansard, 16 February 2016, pp 39, 41.

[42]      Mr Warren Scott, General Counsel, APRA, Committee Hansard, 16 February 2016, p. 39.

[43]      ARITA, Submission 38, p. 5.

[44]      ARITA, Submission 38, p. 5.

[45]      ARITA, Submission 38, p. 6.

[46]      FOS, Submission 46, p. 4.

[47]      Australian Bankers Association, Submission 47, p. 10.

[48]      Commonwealth Bank of Australia, Submission 48, pp 9–10.

[49]      Commonwealth Bank of Australia, Submission 48, pp 9–10.

[50]      Commonwealth Bank of Australia, Submission 48, pp 9–10.

[51]      ANZ, Submission 49, pp 10–11.

[52]      ANZ, Submission 49, pp 10–11.

[53]      ANZ, Submission 49, pp 10–11.

[54]      ANZ, Submission 49, pp 10–11.

[55]      NAB, Submission 50, p. 4.

[56]      Westpac, Answers to questions on notice, taken on 18 November 2015, received on 29 February 2016.

[57]      Westpac, Submission 126, p. 3.

[58]      Mr Paul Waterhouse, Chairman, Australian Valuers Institute, Committee Hansard, 16 February 2016, p. 11.

[59]      The API offers a range of membership types and certifications, one of which is a CPV who by education, training and experience is qualified to perform a valuation of real property. API¸ Certifications, https://www.api.org.au/certifications-0, (accessed 26 Apr 2016).

[60]      Professor John Sheehan, Chair, Government Liaison, and past President, Australian Property Institute, New South Wales Division, Committee Hansard, 18 November 2015, p. 39.

[61]      Professor John Sheehan, Chair, Government Liaison, and past President, Australian Property Institute, New South Wales Division, Committee Hansard, 18 November 2015, p. 39.

[62]      Professor John Sheehan, Chair, Government Liaison, and past President, Australian Property Institute, New South Wales Division, Committee Hansard, 18 November 2015, p. 39.

[63]      Committee Hansard, 18 November 2015, pp 45–47.

[64]      Professor John Sheehan, Chair, Government Liaison, and past President, Australian Property Institute, New South Wales Division, Committee Hansard, 18 November 2015, p. 40.

[65]      Mr Paul Waterhouse, Chairman, Australian Valuers Institute, Committee Hansard, 16 February2016, p. 12.

[66]      Mr Paul Waterhouse, Chairman, Australian Valuers Institute, Committee Hansard, 16 February 2016, pp 13, 15.

[67]      Mr Paul Waterhouse, Chairman, Australian Valuers Institute, Committee Hansard, 16 February 2016, p. 11.

[68]      Mr Paul Waterhouse, Chairman, Australian Valuers Institute, Committee Hansard, 16 February 2016, pp 11, 14.

[69]      Mr Paul Waterhouse, Chairman, Australian Valuers Institute, Committee Hansard, 16 February 2016, pp 16, 17.

[70]      Professor David Parker, Fellow, Royal Institution of Chartered Surveyors, Committee Hansard, 4 April 2016, p. 10.

[71]      Mr Robert Hardie, Manager, Corporate Affairs, Oceania, Royal Institute of Chartered Surveyors, Committee Hansard, 4 April 2016, pp 8.

[72]      Mr Robert Hardie, Manager, Corporate Affairs, Oceania, Royal Institute of Chartered Surveyors, Committee Hansard, 4 April 2016, p. 8.

[73]      Professor David Parker, Fellow, Royal Institution of Chartered Surveyors, Committee Hansard, 4 April 2016, p. 10.

[74]      Professor David Parker, Fellow, Royal Institution of Chartered Surveyors, Committee Hansard, 4 April 2016, p. 12.

[75]      Professor David Parker, Fellow, Royal Institution of Chartered Surveyors, Committee Hansard, 4 April 2016, p. 14.

[76]      Mr David Cohen, Group Executive for Corporate Affairs and Group General Counsel, Commonwealth Bank of Australia, Committee Hansard, 4 April 2016, p. 44.

[77]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 65.

[78]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 67.

[79]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 67.

[80]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 68.

[81]      Mr Geoff Greene, Head, Strategic Business Services, NAB, Committee Hansard, 4 April 2016, p. 62.

[82]      Mr Timothy Williams, General Manager, Group Strategic Business Services, National Australia Bank, Committee Hansard, 18 November 2015, p. 9.

[83]      Westpac, Answers to questions on notice, taken on 18 November 2015, received on 29 February 2016.

[84]      ASIC, Submission 45, p. 22.

[85]      Senate Economics References Committee, The post-GFC banking sector, November 2012, p. xxiii.

[86]      Senate Economics References Committee, The post-GFC banking sector, November 2012, p. xxiv.

[87]      Commonwealth Bank of Australia, Answers to questions on notice, taken on 1 December 2015, received on 18 February 2016; ANZ, Answers to questions on notice, taken on 1 December 2015, received on 22 December 2015.

[88]      Mr Michael Saadat, Senior Executive Leader, Deposit Takers & Insurers &credit Services, AISC, Committee Hansard, 16 March 2016, p. 4.

[89]      Professor John Sheehan, Chair, Government Liaison and Past President, Australia Property Institute, Committee Hansard, 18 November 2015, p. 48.

[90]      Mr Warren Scott, General Counsel, APRA, Committee Hansard, 16 February 2016, p. 39.

[91]      Duncan Hughes, 'Bullying banks to force valuers out of business', Australian Financial Review, 27 April 2016.

Chapter 6 - Receivers and investigative accountants

[1]        Department of Agriculture, Submission 43, p. 7; Directors of Gippsland Secured Investments Ltd, Submission 53, p. 4; Mr Ross Waraker, Committee Hansard, 13 November 2015, p. 33.

[2]        Name withheld, Submission 5, p. 12; Mr & Mrs Randles, Submission 8, p. 14; Mr Colin Power, Submission 12, p. 6; Mr Tony Rigg, Submission 15, p. 8; Name withheld, Submission 21, p. 2; Kelgon Development Corporation Pty Ltd, Submission 24, p. 4; Mr Michael Sanderson, Submission 28, p. 11; Mr Yves El Khoury, Submission 71, p. 3; Dr Evan Jones, Submission 83, p. 5; The Provincial Finance Group, Submission 88, p. 3; Allied Hospitality Ltd, Submission 89, p. 2; Mr Milton Wilde, Submission 97, p. 1; Mr Trevor Eriksson, Submission 101, p. 4; Mr Vittorio Cavasini, Submission 103, p. 4.

[3]        Name withheld, Submission 21, p. 2; Name withheld, Submission 26, p. 4; Dr Evan Jones, Submission 83, p. 5.

[4]        Ms Deborah Perrin Submission 30, p. 2; Mr Bill Ringrose, Submission 31, p. 4; Directors of Gippsland Secured Investments Ltd, Submission 53, p. 4; Mr John Dahlsen, Submission 87, p. 2; The Provincial Finance Group, Submission 88, p. 4; Mr Milton Wilde, Submission 97, p. 1; Mr Trevor Eriksson, Submission 101, p. 1.

[5]        Mr Joshua Hunt, Submission 27, p. 4; Mr Colin Power, Submission 12, p. 6; Mr Robert Barr, Submission 78, pp 4–6; Mr Don Turner, Submission 71, p. 1; Mr Vittorio Cavasinni, Committee Hansard, 18 November 2011, p. 1.

[6]        Legal Aid Queensland, Submission 55, p. 7; Mr Peter McNamee, Submission 107, p. 10.

[7]        Mr Bill Ringrose, Submission 31, p. 4.

[8]        Mr Vittorio Cavasinni, Committee Hansard, 18 November 2011, p. 1.

[9]        Mr Vittorio Cavasinni, Committee Hansard, 18 November 2011, pp 6–7; Mr Chris Evanian, Committee Hansard, 18 November 2011, pp 26–27.

[10]      Corporations Act 2001, section 420A.

[11]      Mr Trevor Eriksson, Committee Hansard, 13 November 2015, pp 59–61.

[12]      ASIC, Submission 45, p. 13.

[13]      ASIC, Submission 45, p. 13.

[14]      ASIC, Submission 45, pp 14–15.

[15]      ASIC, Submission 45, p. 15.

[16]      ARITA, Submission 38, p. 6.

[17]      ARITA, Submission 38, p. 1.

[18]      ARITA, Submission 38, p. 6.

[19]      Australian Bankers Association, Submission 46, p. 10.

[20]      ANZ, Submission 49, p. 10.

[21]      NAB, Submission 50, p. 11.

[22]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 64.

[23]      Senate Economics Reference Committee, Inquiry into the post-GFC banking sector, November 2012, pp xxvii - xxviii.

[24]      ASIC, Submission 45, p. 26.

[25]      ASIC, Submission 45, p. 26.

[26]      ASIC, Submission 45, p. 26–27.

[27]      ASIC, Submission 45, p. 29.

[28]      ASIC, Submission 45, p. 29.

[29]      ASIC, Submission 45, p. 43.

[30]      ASIC, Submission 45, p. 44.

[31]      ASIC, Submission 45, p. 44.

[32]      Commonwealth Bank of Australia, Answers to questions on notice, taken on 1 December 2015, received on 18 February 2016.

[33]      The bill was passed and received assent on 29 February 2016.

[34]      Insolvency Law Reform Bill 2015, Explanatory Memorandum, p. 3.

[35]      Insolvency Law Reform Bill 2015, division 60, p. 48.

[36]      Insolvency Law Reform Bill 2015, division 70, p. 63.

[37]      Insolvency Law Reform Bill 2015, division 85, p. 91.

[38]      Insolvency Law Reform Bill 2015, division 90, pp 91–92.

[39]      Insolvency Law Reform Bill 2015, division 90, p. 96.

[40]      ASIC, Submission 45, p. 31.

[41]      ASIC, Submission 45, p. 32.

[42]      CCLSWA Inc., Submission 56, pp 8–9; See also FOS approach to mortgagee sales, http://www.fos.org.au/custom/files/docs/fos-approach-mortgagee-sales.pdf, (accessed 29 March 2016).

[43]      Mr Graham Hodges, Deputy Group Executive Officer, ANZ, Committee Hansard, 13 November 2016, p. 65.

[44]      Mr Graham Hodges, Deputy Group Chief Executive Officer, ANZ, Committee Hansard, 13 November 2015, p. 72.

[45]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 8.

[46]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 10.

[47]      Mr Philip Field, Lead Ombudsman, Banking and Finance, Financial Ombudsman Service Australia, Committee Hansard, 16 October 2015, p. 10.

[48]      ASIC, Submission 45, pp 25–26.

[49]      Sections 418, 448C and 532.

[50]      ASIC, Submission 45, p. 25.

[51]      Mr Geoff Green, Head of Strategic Business Services, National Australia Bank, Committee Hansard, 18 November 2015, p. 13.

[52]      Mr Geoff Green, Head of Strategic Business Services, National Australia Bank, Committee Hansard, 18 November 2015, p. 13.

[53]      ASIC, Submission 45, p. 29.

[54]      ASIC, Submission 45, p. 29.

[55]      Commonwealth Bank of Australia, Answers to questions on notice, taken on 2 December 2015, received on 5 February 2016.

[56]      Commonwealth Bank of Australia, Answers to questions on notice, taken on 2 December 2015, received on 5 February 2016.

[57]      Commonwealth Bank of Australia, Answers to questions on notice, taken on 9 March 2016, received on 31 March 2016.

Chapter 7 - Bankwest and Landmark

[1]        Senate Economics Reference Committee, The post-GFC banking sector, November 2012, pp 163–164.

[2]        Senate Economics Reference Committee, The post-GFC banking sector, November 2012, pp 163–164.

[3]        Senate Economics Reference Committee, The post-GFC banking sector, November 2012, p. 110.

[4]        Parliamentary Commission on Banking Standards, An accident waiting to happen: the failure of HBOS, 5 April 2013, http://www.publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/144/144.pdf, (Accessed 9 July 2015), p. 53.

[5]        Parliamentary Commission on Banking Standards, An accident waiting to happen: the failure of HBOS, 5 April 2013, http://www.publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/144/144.pdf, (Accessed 9 July 2015), p. 14.

[6]        Parliamentary Commission on Banking Standards, An accident waiting to happen: the failure of HBOS, 5 April 2013, http://www.publications.parliament.uk/pa/jt201213/jtselect/jtpcbs/144/144.pdf, (Accessed 9 July 2015), p. 14.

[7]        Senate Economics Reference Committee, The post-GFC banking sector, November 2012, p. 109.

[8]        ACCC, 'Commonwealth Bank of Australia—proposed acquisition of BankWest and St Andrew's Australia', Public Competition Assessment, 10 December 2008, p. 10.

[9]        Eric Johnston, 'BankWest cool as HBOS falters', Australian Financial Review, 23 June 2008, p. 64.

[10]      See for example, Name withheld, Submission 5, p. 4.

[11]      ACCC, Public Competition Assessment, Commonwealth Bank of Australia – proposed acquisition of Bankwest and St Andrew's Australia, 10 December 2008, pp 1–3.

[12]      ACCC, Public Competition Assessment, Commonwealth Bank of Australia – proposed acquisition of Bankwest and St Andrew's Australia, 10 December 2008, p. 10.

[13]      Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[14]      The Hon Wayne Swan MP, Deputy Prime Minister and Treasurer, Media release, Proposed acquisition of Bank of Western Australia and St Andrew's by the Commonwealth Bank of Australia, 18 December 2008; Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[15]      ACCC, Public Competition Assessment, Commonwealth Bank of Australia – proposed acquisition of Bankwest and St Andrew's Australia, 10 December 2008, p. 4.

[16]      Treasury, Answers to questions on notice, taken on 1 December 2015, received on 14 December 2015.

[17]      ACCC, Public Competition Assessment, Commonwealth Bank of Australia – proposed acquisition of Bankwest and St Andrew's Australia, 10 December 2008, p. 3.

[18]      Commonwealth Bank of Australia, Answers to written questions on notice, taken on 22 September 2015, received on 8 October 2015, pp 2–8, 18.

[19]      Commonwealth Bank of Australia, Sale deed – draft completion balance sheet dispute notice, 20 April 2009, pp 1–8.

[20]      Commonwealth Bank of Australia, Response to Submission 109, p. 2.

[21]      Senate Economics Legislation Committee, The post-GFC banking sector, November 2012, p. 164.

[22]      Mr Rory O'Brien, Committee Hansard, 13 November 2015, p. 6.

[23]      Mr Trevor Hall, Submission 109, p. 11.

[24]      Mr Romesh Wijeyeratne, Committee Hansard, 13 November 2016, p. 18.

[25]      Commonwealth Bank response to Submission 109, by Trevor Hall, pp 1–2.

[26]      Mr Trevor Hall, Submission 109, pp 10–11.

[27]      Mr Trevor Hall, Submission 109, p. 13.

[28]      Name withheld, Submission 10, p. 1.

[29]      Name withheld, Submission 10, p. 2.

[30]      Mr Peter McNamee, Submission 107, p. 3.

[31]      Mr Peter McNamee, Submission 107, p. 3.

[32]      Mr Peter McNamee, Submission 107, p. 3.

[33]      Commonwealth Bank of Australia, Response to Submission 109, by Trevor Hall, p. 2.

[34]      Commonwealth Bank of Australia, Sale deed – draft completion balance sheet dispute notice, 20 April 2009, p. 3.

[35]      Commonwealth Bank of Australia, Answers to written questions on notice, taken on 22 September 2015, received on 8 October 2015, p. 8.

[36]      Commonwealth Bank of Australia, Answers to written questions on notice, taken on 22 September 2015, received on 8 October 2015, p. 11.

[37]      Mr Trevor Hall, Submission 109, pp 11–12.

[38]      Mr Peter McNamee, Submission 107, p. 4.

[39]      Commonwealth Bank of Australia, Answers to written questions on notice, taken on 22 September 2015, received on 8 October 2015, pp 6–7.

[40]      Commonwealth Bank response to Submission 109, by Trevor Hall, pp 2–3.

[41]      Commonwealth Bank of Australia, Answers to written questions on notice, taken on 22 September 2015, received on 8 October 2015, pp 6–7.

[42]      Name withheld, Submission 10, p. 13.

[43]      Name withheld, Submission 10, p. 14.

[44]      Mr Trevor Hall, Committee Hansard, 13 November 2015, p. 26.

[45]      Mr Peter McNamee, Submission 107, p. 4.

[46]      Mr Peter McNamee, Submission 107, p. 4.

[47]      Mr Iyad Rafidi, Committee Hansard, 13 November 2015, p. 25.

[48]      Commonwealth Banks, Answers to questions on notice, taken on 16 November 2015, received on 23 November 2015.

[49]      Commonwealth Banks, Answers to questions on notice, taken on 16 November 2015, received on 23 November 2015.

[50]      Commonwealth Banks, Answers to questions on notice, taken on 16 November 2015, received on 23 November 2015.

[51]      Mr Trevor Hall, Submission 109, p. 2.

[52]      Mr Trevor Hall, Submission 109, p. 2.

[53]      Name withheld, Submission 10, p. 11.

[54]      Mr Romesh Wijeyeratne, Committee Hansard, 13 November 2015, p. 15.

[55]      Mr Romesh Wijeyeratne, Committee Hansard, 13 November 2015, p. 15.

[56]      Mr Iyad Rafidi, Committee Hansard, 13 November 2015, pp 24–25.

[57]      Commonwealth Bank, Answers to questions on notice, taken on 1 December 2015, received on 24 December 2015.

[58]      Mr Peter McNamee, Submission 107, p. 18.

[59]      Mr Trevor Hall, Submission 109, pp 6–7.

[60]      Commonwealth Bank of Australia, Answers to written questions on notice, taken on 22 September 2015, received on 8 October 2015, p. 4–5.

[61]      Mr David Craig, Group Executive for Financial Services, and Chief Financial Officer, Committee Hansard, 2 December 2015, pp 11–12.

[62]      Commonwealth Bank, Tabled document, 2 December 2015.

[63]      Mr Michel Saadat, Senior Executive Leader, ASIC, Committee Hansard, 23 November 2015, p. 9.

[64]      Commonwealth Bank of Australia, Answers to written questions on notice, taken on 22 September 2015, received on 8 October 2015, Appendix 1, PwC letter to the Commonwealth Bank of Australia, 6 October 2015, p. 2.

[65]      Commonwealth Bank of Australia, Sale deed – draft completion balance sheet dispute notice, 20 April 2009, p. 8.

[66]      ANZ, Supplementary submission 49, p. 3.

[67]      Mr Peter King, Private capacity, Committee Hansard, 16 February 2016, p. 2.

[68]      Mr Peter McNamee, Submission 107, p. 14.

[69]      Mr Rodney Culleton, Committee Hansard, 16 February 2016, p. 27.

[70]      Mr Peter King, Private capacity, Committee Hansard, 16 February 2016, p. 5.

[71]      ANZ, Supplementary submission 49, pp 2, 4.

[72]      ANZ, Supplementary submission 49, p. 2.

[73]      ANZ, Supplementary submission 49, p. 3.

[74]      Mr Graham Hodges, Deputy Group Executive Officer, ANZ, Committee Hansard, 13 November 2016, p. 64.

[75]      Mr Graham Hodges, Deputy Group Executive Officer, ANZ, Committee Hansard, 13 November 2016, pp 64–65.