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Criticisms of the banks warranted: Westpac

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December 08, 2017

Westpac chairman Lindsay Maxsted says criticism around the Australian banking sector is "warranted"

Westpac chairman Lindsay Maxsted says criticism around the Australian banking sector is "warranted" but hopes a royal commission into alleged misconduct will restore trust and confidence.

Mr Maxsted told the lender's annual general meeting in Sydney on Friday that the board was "disappointed" in the deterioration in the banking sector's reputation, but agreed there had been times when the industry had failed to meet customer expectations.

He said that while Westpac previously had argued that inquiries into the sector are unnecessary, ultimately the recently announced royal commission will restore trust, respect and confidence in Australia's financial system.

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