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ABA sixth progress report shows progress on implementation of ABA’s Better Banking Initiatives

20 October, 2017

Westpac Group today welcomed Ian McPhee’s sixth quarterly report on the industry’s progress towards full implementation of the ABA’s Better Banking Initiatives (otherwise referred to as the “Six Point Plan”).

Westpac CEO Brian Hartzer said Westpac was well progressed in implementing the initiatives.

“I’m pleased to report that Westpac has reached five of the six major banking milestones highlighted by Mr McPhee in his sixth report. We are also continuing to deliver on our commitment to implement the recommendations of the Sedgwick Review.

“The Better Banking Initiatives are just one part of our commitment to getting it right for our customers. Where we’ve identified things aren’t working, we’re ensuring we put it right.

“We have already reviewed our remuneration principles to ensure they support good customer outcomes. We now give equal weighting to customer feedback and sales performance for our personal bankers. Additionally, we were the first major bank to ensure all tellers across our branch network are incentivised solely based on customer service,” said Mr Hartzer.

Mr McPhee also acknowledged Westpac’s efforts in implementing a wellbeing and quality assurance assessment that further ensures whistleblowers receive adequate support, and supplements our adoption of best practice whistleblower policies.

“We look forward to finalising the implementation of the Better Banking Initiatives,” said Mr Hartzer. “In the meantime, we continue to work with the industry on a revised Code of Banking Practice to deliver better customer outcomes across the industry.”