Professor Philip Lane:

Let me turn to Ms Rowland shortly about that particular aspect.

We should focus on the substance. The Senator may have a different writing style to our writing style but the bottom line is we are saying this is not acceptable. We are saying that this culture has to change and we are saying, through a combination of supervisory interventions that we are making and will continue to make and enhance, that we think it would be reinforced by the legislative change we are recommending. It goes back to that phrase, "insufficient attention to a consumer focused culture". In the minds of some bankers, this was seen as a kind of secondary obligation as opposed to being at the heart of how they do business. This is the cultural shift that has to happen. Our conduct mandate and the expectations of the public are that the banks take their consumer protection obligations seriously. We all share that view. How we phrase it is not the core issue. It is underlined by the actions we are taking, and as I say, that could be reinforced by this legislative change.

I will ask Ms Rowland to answer in terms of how the customer perspective fed into the review.