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‘Most profound, immediate change’: ANZ boss firm on finding a way to keep mortgage brokers

It was last Monday evening from parliament house in Canberra that the final report from the banking royal commission was handed down.

Inside the final recommendations made by Commissioner Kenneth Hayne were key lines, taking to the behaviour and expectations of senior executives inside the banks.

It subsequently saw NAB CEO Andrew Thorburn and Chairman Ken Henry stand down from the company later in the week.

ANZ boss Shayne Elliott tells Ross Greenwood “there’s a lot to get done”.

“Our focus is on doing the right thing for customers, getting the right culture going in out banks.”

One of the recommendations inside the final report was to remove remuneration as payment for mortgage brokers.

“I think it is probably the most profound, immediate change that’s coming out that’ll really restructure the industry.

“It’s undoubted that their intention here is to remove potential conflict.

“Are brokers acting in the best interest for the customers, or is the way they get paid – today, by the bank – is that influencing them?”

Mr Elliott maintains “there’s still a really powerful role for mortgage brokers”, telling Ross he’s eager to “figure a solution” to keep mortgage brokers.

“The vast bulk of brokers are decent, hardworking and do the right thing by their customers.”

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