There's no doubt some serious issues at ANZ have dented public confidence in the local banking sector.
The public needs answers to awkward questions thrown up by the issues at New Zealand's largest bank. We also need reassurance that these are specific issues at the ANZ - not symptomatic of a wider culture of excess in the banking sector.
The events at ANZ have understandably brought calls for a full royal commission into the banking sector here, along the lines of Australia's Hayne Commission.
The Australian commission ushered in a cultural change at senior levels of the banking sector. In fact, the departure of ANZ chief executive David Hisco appears to have come about due to that change - a review of executive expenses was ordered at ANZ Group in the Hayne Commission's wake.
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So far the issues seem isolated to just one bank. Is it unfair to assume they reflect wider culture in the sector? Perhaps. There's little doubt however, the other big banks are feeling the pinch and looking closely at their own behaviour.
But, if we want to see some accountability at the top for current concerns, then the time for a New Zealand commission has passed. We're in the thick of it all now and the onus is on regulators to move quickly and use powers they have.
The Prime Minister is right when she warns that launching a commission would effectively delay that process.
Local bank regulators - the FMA and Reserve Bank - have just completed a customer-focused inquiry into the local sector. This found that customers are broadly well served, but highlighted concerns about the hard-selling of additional bank services. The result is that frontline customer service staff will no longer be paid sales incentives.
But - in the fallout from the ANZ executive level scandal - the limited scope of that review has been recognised by the Reserve Bank. Governor Adrian Orr clearly signalled his dissatisfaction, noting "a much bigger concern and question about the culture being instilled and fostered at governance level".
The RBNZ invoked existing powers to demand ANZ get independent reports done on issues around its breach of bank capital rules and governance concerns about the chief executive expenses.
On top of that we also have a review of the Reserve Bank Act underway - one that Finance Minister Grant Robertson recently suggested could give the regulator more teeth to ensure transparency and public confidence in the sector is maintained.
Meanwhile, following revelations about the unusual sale of a luxury mansion by the ANZ to its former chief executive's wife, the Financial Markets Authority (FMA) is involved. ANZ says it voluntarily approached the market regulator which will review all documents relating to what appears to be a related party between the bank and the former chief's wife.
The wheels are turning and pressure is mounting - not just on ANZ but on the other banks. So far the issues seem isolated to just one bank. Is it unfair to assume they reflect wider culture in the sector? Perhaps. There's little doubt however, the other big banks are feeling the pinch and looking closely at their own behaviour.
A royal commission might potentially highlight other examples of poor behaviour but it would be long slow process. In practical terms, it might only serve to take us back to where we are now - 18 months or two years down the track.