After determining problems with flex earnings in a 2015 audit report, Westpac released a cover on the earnings dealers could cost — nonetheless it will continue to utilize the flex commission build, meaning the discernment setting the rate above the base rates or over for the limit nevertheless consist utilizing the supplier.
Under questioning by administrator Kenneth Hayne, Westpac administrator Phillip Godkin acknowledge commercial reasons comprise behind Westpac’s choice to keep to utilize flex profits until November.
“the matter within this marketplace is, with regards to the way that we contend, is it would be, within our see, impractical to quit it unilaterally without stepping out of the markets altogether,” explained Mr Godkin.
The inquiry Turnbull failed to want
The PM invested over annually opposing calls for a royal payment — however in the finish, opposition is futile.
Westpac echoed that sentiment within the submission towards the royal payment’s earliest rounded of hearings, claiming: “the challenge cannot be dealt with by individual loan providers abandoning the practice”.