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He agrees as he leaves and hands over to Sherry........who disagrees
Royal commission into banks could grow industry, ING chief executive Vaughn Richtor says
Exclusive by Finance Reporter Elysse Morgan
Posted
http://www.abc.net.au/news/2016-04-29/ing-bank-boss-backs-a-royal-commission/7372474
Outgoing ING Australia boss, Vaughn Richtor is the first banking executive to come out in support of a royal commission into the banks.
"I support anything that will help us in making sure we grow as an industry and continue to develop our products and services for our consumers," he told The Business.
"Are we doing the right thing at the end of the day for the consumer? That's the thing that I think we have to focus on."
His comments go against those made by Ann Sherry, a former colleague of Mr Richtor's on the ING Australia board member and Westpac New Zealand boss, who has just been appointed as an independent director of ING Group - one of the world's 30 biggest banks.
"I don't think anyone ever changed culture or business performance via a royal commission," she told the Australian Financial Review.
It is a line similar to what most bank executives are using when arguing against a royal commission.
While Mr Richtor supports a royal commission, he is shying away from suggesting that more regulation is needed to prevent scandals like CommInsure and the financial planning rip-offs uncovered at several Australian banks.
"One of the things we've seen over the last few years is the increase in the amount of regulation," he said.
The outgoing chief executive, who helped set up ING in Australia in 1995, said the best way to improve customer outcomes was through digital revolution.
He said customers were starting to regulate bank behaviour through social media and comparison websites.
"To the extent that a commission or any other form can support that, I welcome that," he said.
Next week NAB, Westpac and ANZ all open their books to reveal their half-year results, which many analysts expect will disappoint.
Mr Richtor indicated he expects times to get tougher for banks after enjoying a "very positive environment" for years.
