The first annual hearings of the Review of the Four Major Banks have now concluded. The transcripts of the evidence of the CEO’s of the four banks are available here.

The questions focussed on areas of possible further bank regulation.

Two issues which may result in further regulation are the introduction of bank account number portability and the establishment of a banking tribunal to deal with complex and high value disputes with customers.

Account number portability was previously rejected as it would involve the replacement of the bank, state, branch (BSB) system of numbering, and revamping of the existing payments infrastructure and the systems of all the financial institutions which interface with it.

The apparent support for the establishment of a banking tribunal seems to pre-empt the findings of the current EDR review which is considering a tribunal for small business lending.

It is possible that further hearings may be held to consider follow-up issues.