Ken Henry says he has no regrets for pushing for bank inquiry

Of the four bank chairs, NAB’s Ken Henry was most responsible for the consensus that a royal commission was necessary.

“I have no regrets if the industry is embarrassed,” says Ken Henry. Pic: AAP

There were eight signatures on the fateful letter to then-treasurer Scott Morrison that called for the establishment of a financial services royal commission.

So persuasively did the chairs and chief executives of the four major banks argue for a royal commission in the November 30, 2017 letter that the Turnbull government immediately acquiesced.

The rest is history, apart from one significant point.

The word on the street is that, of the four bank chairs, it was National Australia Bank’s Ken Henry who was mostly responsible for developing the industry consensus that a royal commission was necessary to end the political uncertainty and erosion of confidence in the financial system.

“We now ask you and your government to act to ensure a properly constituted inquiry into the financial services sector is established to put an end to the uncertainty and restore trust, respect and confidence,” the signatories said.

Asked by this column earlier today if he had any regrets, Henry was unrepentant.

“I have no regrets if the industry has been embarrassed,” he said.

“The industry should accept that there are good reasons for its embarrassment and it should respond accordingly.”

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