Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Westpac Group implementation progress update – September 2021
Since our last update to the Committee, Westpac has completed implementation of changes in response to several recommendations which now have legislative effect and is progressing programs of work on a number of other recommendations which will become effective at later dates.
Of the Royal Commission’s 76 recommendations, 46 recommendations presently apply to Westpac. So far:
- 20 have been implemented. This includes proactive implementation ahead of the legislative and regulatory agenda where appropriate.
- 18 are being implemented. Of these six will be completed soon to comply with obligations commencing in early October 2021. Some recommendations will still require legislative or regulatory action before implementation can be completed.
- 8 require legislative or regulatory action before implementation work can commence. We are undertaking preparatory work where possible, including through participation in Government consultation.
Since our April 2021 update to the Committee, legislation has been passed giving effect to Royal Commission Recommendation 3.5 from 1 November 2021. The stapling provisions included in that legislation do not require Westpac, as the product provider, to take any specific action. Therefore it is no longer included in the total of recommendations applicable to Westpac. However, Westpac is supporting employer groups in understanding their obligations as part of this change.