No. 2 Australian lender Westpac Banking Corp said on Friday it had been "too slow" to resolve customer complaints and had created an executive role to handle them, as the country's financial sector responds to revelations of serious misconduct. Australia's biggest money managers have seen their shares pounded by a barrage of damaging allegations since February, when a Royal Commission inquiry began exposing their abuse of market power and contempt of customers.
Among other flagrant abuses spanning the entire industry, the inquiry heard that Westpac had given a bonus to an employee for work he did with a retired couple who lost their home as a result of following his advice.
"It's clear that in a number of instances we have been too slow in resolving genuine customer issues," Westpac Group Chief Executive Officer Brian Hartzer said in a statement. "This is not good enough. Customers have a right to expect fair, timely, and effective resolution if they believe they have a concern or complaint."
The bank promoted its corporate affairs manager, Carolyn McCann, to a new role of "group executive, customer and corporate relations", a move it said would ensure any customer issues "stay front and centre" at the bank.
The inquiry switches focus next week from financial planning to banks' treatment of small businesses.
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