The House of Representatives Standing Committee on Economics will hear from ME Bank, the Australian Securities and Investments Commission (ASIC), and the Australian Prudential Regulation Authority (APRA) at an urgent public hearing by videoconference on 3 June 2020. This hearing is part of the committee’s ongoing review of the four major banks and other financial institutions.
The Chair of the committee, Mr Tim Wilson MP, said ‘Australians who take out a banking product expect it to be available when they need it, not nabbed in the middle of the night without notification’.
On 14 May 2020 the committee scrutinised ME Bank on its actions earlier this year in restricting customers’ access to redraw facilities. Since ME Bank’s appearance, the committee has sought information from APRA and ASIC on ME Bank’s conduct and engagement with the regulators on this issue.
‘The discrepancy between ME Bank’s evidence to the committee and advice from ASIC is deeply concerning and requires further scrutiny’, said Mr Wilson.
Public hearing details
Date: Wednesday, 3 June 2020
Time: 12.00pm to 1.00pm
Location: Videoconference
12.00pm – ME Bank
ASIC
APRA
1.00pm – Finish
The hearings will be webcast at aph.gov.au/live.
For media comment: Please contact the Committee Chair Mr Tim Wilson MP:
Electorate: (03) 9557 4644; Parliament: (02) 6277 2392
For background information: Please contact the committee secretariat:
Phone: (02) 6277 4587 Email: economics.reps@aph.gov.au Website: www.aph.gov.au/economics
