Page MP grills big four banks
AN independent tribunal is being considered to better support banking customers following Federal Parliament's Economics Committee into the function of the big four banks this week in Canberra.
Page MP, Kevin Hogan, in his capacity as a committee member, is advocating for the establishment of the new tribunal.
It comes after Mr Hogan and nine other members from the House of Representatives on the committee grilled the CEOs of the nation's big four banks - The Commonwealth Bank, National Australia Bank, ANZ and Westpac, about their consumer management practices.
Based on the cross-examinations, Mr Hogan called out consumer support bodies like the Ombudsman as inadequate for redressing consumer issues with banks.
He said creating a tribunal would be 'a great new way customers can seek redress'.
Mr Hogan also highlighted the CEOs would appear before the committee annually at least once.
The proceedings marked the first time in Australian history that chief executives of the four Big Banks had been called before the committee.
Throughout the proceedings, Mr Hogan said he quizzed the CEOs over the potential misuse of the big bank's market power and if banks promoted responsible product sales as well as whether bank staff received incentives to sell bank products rather than provide customers with sound, independent financial service.
As a trained economist, Mr Hogan said he put his hand up for a place on the committee. Local issues in his electorate regarding the practices of the big four banks also compelled the Page MP to join the committee.