The television ads are in overdrive, the tame media commentators are barking and even the bankers themselves are putting on a parade, gracing as they did the stage at a "summit" last Thursday.
National Australia Bank's customer relations boss has brushed off criticism in a parliamentary inquiry, insisting he is accountable for performance and pointing to an improving record on customer complaints as proof of progress.
National Australia Bank has faced a storm of criticism in Parliament after failing to discipline and instead rewarding a senior banking executive who was in charge of its troubled wealth division. NAB chief executive Andrew Thorburn was the first of the big four banking chiefs to face questions by the Parliament's economics committee as part of the Turnbull's government's attempt to make banks answerable for their decisions and practices.
A former Australian Securities and Investment Commission (ASIC) employee has called for a royal commission into banking practices amid allegations of misconduct by the Commonwealth Bank and Bankwest.
Soon-to-be-listed litigation funder International Justice Fund will have a current and future case pipeline worth more than $600 million, including claims worth more than $100m directly flowing from the financial planning scandals that have engulfed the nation’s banking industry.
A compensation scheme of last resort to help victims of financial misconduct is being revisited as a way to help protect customers and repair the crisis of confidence plaguing the financial planning sector.
