From The AFR comes the latest installment from the Banking Royal Commission, this time ANZ:
Counsel assisting Rowena Orr, QC, revealed the bank does not examine the expenses of its home loan customers…
“There is no reference in any of the eleven steps you’ve identified in paragraph 54 to verifying customers’ expenses? … that’s because that’s wasn’t part of the process, and isn’t part of the process at ANZ, isn’t that right Mr Ranken?” Ms Orr asked…
ANZ’s executive general manager home loans and retail lending William Ranken… [said] that a more comprehensive system that did explore such matters would be prohibitively expensive.
So why do we even have banks then?
