Business
RBA warns banks over culture as staff contact customers over loan deferrals – Sydney Morning Herald
The Reserve Bank of Australia has warned banks to keep culture in check as lenders embark on the ‘largest ever customer reach out’ over deferred loans.
It also warned the Australian Prudential Regulation Authority would soon restart work on ensuring executive pay was tied to targets that encourage good practice and culture.
The RBA’s comments came within a larger report into the impact of the coronravirus pandemic on the financial system, with significant risks and volatility buffered by the banks’ high capital levels.
The Commonwealth Bank’s senior economist Kristina Clifton said the report was a “sobering read”.
“The next few months will b…
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