ANZ’s Shayne Elliott: inquiry revelations good for banks

ANZ chief executive Shayne ­Elliott has no regrets in calling for the establishment of the ­financial services royal commission.

ANZ’s Shayne Elliott: ‘It’s better that that stuff is out in the open.’

ANZ chief executive Shayne ­Elliott has no regrets in calling for the establishment of the ­financial services royal commission, despite the hearings fuelling public anger and mistrust of the industry.

Responding to questions in a video streamed on Facebook yesterday, Mr Elliott said the ­evidence given at the commission was confronting, both for ANZ and other financial services ­companies.

“(But) it’s better that that stuff is out in the open and we can deal with it,” he said. “It’s not a pleasant experience for our people, not just for our witnesses but for our staff every day having to listen to that and being accused of some pretty horrendous things. But sunlight is a good cure. It’s out in the open. We’ve ­accepted accountability and ­responsibility for it and we’ve ­already started remediating things.”

The chairmen and chief executives of the major banks called for a royal commission in a letter sent to Scott Morrison in ­November last year.

They said a properly constituted inquiry was needed to put an end to the political uncertainty and to restore trust, ­respect and confidence in the ­financial services industry. Constant speculation about a royal commission was hurting confidence in the financial system.

Mr Elliott said one reason the industry didn’t want a royal commission at first was an under­lying confidence that mistakes were being fixed and would not be repeated.

“But, having said that, there is a time for us to expose some of this and be seen to be contrite and apologise and take our medicine,” he said.