NAB, ANZ chiefs to front banking inquiry

The NAB's Philip Chronican will front an inquiry in the wake of the banking royal commission.
The NAB's Philip Chronican will front an inquiry in the wake of the banking royal commission.

The chiefs of National Australia Bank and ANZ will front a parliamentary inquiry on Friday to explain how they are making changes stemming from the royal commission.

"Given the widespread misconduct across the financial services sector identified by the Hayne royal commission, it is important that ... they make the crucial improvements needed to start restoring trust in our financial institutions," economics committee chair and Liberal MP Tim Wilson said.

Following the royal commission report, ANZ launched a program to overhaul its governance, staff remuneration, accountability systems and products.

The bank will be represented at the hearing by CEO Shayne Elliott and Chief Risk Officer Kevin Corbally.

NAB set out to make changes under five core themes: bringing the voice of the customer back into the bank; improving rigour and discipline in delivery; improving accountability; addressing issues and remediating customers; and building a customer-first culture.

NAB will be represented by acting CEO Philip Chronican and CFO Gary Lennon.

The economics committee also plans to scrutinise smaller banks on November 29 in Canberra, hearing from Macquarie, Bendigo and Adelaide Bank, Bank of Queensland, Suncorp, Citi, and the Australian Banking Association.

Australian Associated Press