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NAB, Westpac rule out passing ASIC levy increase cost on to customers: But do we consumers trust them?

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NAB, Westpac rule out passing ASIC levy increase cost on to customers, other banks silent

 

By political reporter Caitlyn Gribbin

Updated 19 minutes agoThu 21 Apr 2016, 8:41am

http://www.abc.net.au/news/2016-04-21/one-of-big-four-banks-rules-out-passing-asic-levy-to-customers/7344092

 

National Australia Bank (NAB) has joined Westpac in ruling out passing on the increased cost of a levy paid to the Australian Securities and Investments Commission to customers.

Westpac said it "certainly" would not lift interest rates in response to the Federal Government's announcement the levy banks already pay to the corporate regulator will rise by $121 million.

"We certainly have no plans to increase rates based on [the] announcement," a Westpac spokesman said.

ANZ and the Commonwealth Bank would not comment on whether they would pass on the cost of the levy increase to customers.

Both banks said they do not speak publicly on the future direction of interest rates.

Banks and financial institutions will also be responsible for fully funding their own regulatory body in coming years.

The Federal Opposition, which continues to press for a royal commission into the financial sector, has described the new cash as "hush money" paid by the banks to stave off wider scrutiny.

Morrison 'furious' if banks bill customers for increase

Treasurer Scott Morrison has sounded a warning about any attempts by the banks to bill their customers for the increase.

"I would be furious," he said, telling reporters the banks had already been sent the message.

Senator Sean Edwards, who also chairs the Senate standing committee on economics, said he "shared" Mr Morrison's sentiment and was concerned three of the big four banks would not rule out a cost increase to customers.

"They don't want to be vilified in the public arena," he said.

"But as this decision of the Government flows through over the next hours, days and probably weeks, they will see it for what it is.

"I think this is something that they'll embrace when they see the wisdom of it."

Senator Edwards said he had made his thoughts clear with banks.

"I've been in touch with a number of the banks; they're very keen to respond to what the Government has put forward," he said.

"I would think that shareholders of all of those banks, which are basically mums and dads of Australia, are very keen to ensure that they do the right thing by all Australians."

 

The Australian Bankers' Association said it would continue to ensure customers were treated fairly.

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  • douglen46
    douglen46 Thursday, 21 April 2016

    Honestly does Mr Morrison really think banks will be scared of his warning, they will find another devious way to gouge more from their
    customers to pay for the useless ASIC. We need this RC more than ever before these clowns strangle every Australian, their time is coming to an end and ours is beginning.

  • Wayne
    Wayne Thursday, 21 April 2016

    No I Don't TRUST them at all

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