Westpac Banking : 17/04/2018 Westpac pledges continued focus on getting it right for customers

17 April, 2018

Westpac Group today reaffirmed its commitment to continue to work towards rebuilding customer trust, as independent reviewer Ian McPhee's final report on the industry's progress towards implementation of the ABA's Better Banking Initiatives is released.

Westpac CEO Brian Hartzer was pleased to see the report highlighted the extent to which banks have sought to take a broader view of the ABA initiatives, and that Mr McPhee called out the significant changes made by the industry to bridge the trust gap.

'At Westpac, in addition to implementing the industry's Better Banking Initiatives, we proactively review our products, processes and policies on a regular basis to ensure they serve our customers' interests. We have made over 150 changes, including reducing the number of consumer products on offer by more than 50 per cent, cutting transaction fees for 1.3 million customers, offering a low rate credit card, and removing ATM fees.

'These changes are the result of a commitment by Westpac to do the right thing by our customers, and if we make a mistake, to put it right,' said Mr Hartzer.

Mr Hartzer noted that Mr McPhee's report demonstrates our progress in implementation of the Sedgwick Review recommendations.

'While we are working towards full implementation of the recommendations in the Sedgwick Review, we are also integrating the recommendations with our existing strategy, to ensure that how we engage with our people and customers is in line with our vision to be one of the world's great service companies, helping our customers, communities and people to prosper and grow.'

Westpac continues to work with the industry and the ABA to develop and implement reforms that better protect customer interests, increase transparency and accountability, and build trust and confidence in the banks.