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Westpac welcomes second progress report from ABA independent reviewer - Ian McPhee

21 October 2016

Westpac today welcomed the release of Ian McPhee’s second quarterly report on the progress made by the banking industry in implementing the ABA’s Six Point Plan to protect customer interests, increase transparency and accountability, and build trust and confidence in banks.

 

Westpac Group Deputy CEO Phil Coffey said the second progress report identified that the banks were making good progress on achieving the goals set out by the ABA initiatives.

 

“Westpac is actively participating in all of the industry initiatives, including implementing reforms aimed at providing protection for whistleblowers, ensuring effective and independent external dispute resolution mechanisms and removing individuals from the industry for poor conduct,” Mr Coffey said.

 

“We remain committed to further change, and support the recommendations from the independent expert reviewing these practices. It is important the industry continues to work together to address issues of concern. Having said that there are things Westpac can get on and do on our own.

 

“That is why we have announced fundamental changes to our remuneration structure, removing all product related incentives across our 2,000 tellers in the Westpac branch network. Incentives will instead be based on customer feedback, ensuring our customers have no cause to question the quality of the service they receive.

 

“Westpac continues to focus on improving our standards in order to fulfil our vision of becoming one of the world’s great service companies. Our strategy so far has delivered a 70% reduction in customer complaints over the last four years and we are committed to further action to respond to community concerns,” said Mr Coffey.