Less than eight years after the banks ran screaming from wealth services and insurance, a new generation of executives — led by ANZ’s Nuno Matos, Westpac’s Anthony Miller and National Australia Bank’s Andrew Irvine — is paving the way for a comeback.
Regulators appear ready to get out of the way.
On stage at the Australian Banking Association conference last week, Miller told me there was appetite to get back to basic financial advice, arguing banks had retreated too far after the financial services royal commission.
“Why can’t it be that if they come to their bank, or they are looking to transfer money, their bank says, ‘Are you sure that that kind of return is appropriate, is that the right investment?’” he said, challenging industry, regulators and government to figure out a way forward.
Arguing that regulation and conservatism at the banks had gone too far, he echoed his peers, including Irvine and Matos. It was a convenient layup for new ASIC chair Sarah Court, who, speaking immediately after, signalled the corporate watchdog was open to the proposal and would have more to say in time.
