Banking regulation should have two key goals: promoting financial stability and achieving strong outcomes for consumers. Financial stability is critical – but so is ensuring that consumers get a fair deal from the banking sector.

Australians should be able to trust that their bank will act in their best interests when they turn to them for help. It is clear that in some cases this has not happened.The Government and regulators recognise this and are taking steps to remedy the failings that have occurred. This committee’s inquiry into the conduct of Australia’s major banks is an important part of this process.

This report: 

• investigates the complexity of Australia’s existing system of External Dispute Resolution (EDR) schemes and concludes that it is not working effectively for consumers
• considers whether Australia’s regulatory system does enough to hold senior executives to account for institutional failures
• considers competition in Australia’s banking sector
• explores the major banks’ Internal Dispute Resolution (IDR) schemes and risk management frameworks
• discusses the systemic problems that exist within Australia’s wealth management framework and the measures being taken to address them.

The other three reports can be found here:

• Second report
• Third report
• Fourth report