Australia’s big banks have launched a public mea culpa acknowledging they have failed their customers, and arguing these findings from the banking royal commission is a chance to reset the sector.
With institutions and their shareholders bracing for a major shake-up when the final report and the Morrison government’s response is made public today, the chief executive of the Australian Banking Association Anna Bligh says banks have not lived up to the high standards Australians rightly expect of the industry.
Widespread anticipation rises today as the report may flag legal actions as a consequence of the litany of horrors unveiled during the royal commission process.