Banking royal commission: Bankwest breached industry code in not disclosing disgraced banker’s conduct


A banker resigned when Bankwest discovered a slew of poor conduct but some of the affected customers were not told why, the banking royal commission has heard.

An executive at Bankwest’s owner, the Commonwealth Bank, admitted the bank had breached the industry’s code of practice by not disclosing the banker’s conduct to customers.

Earlier, Queensland farmer Melville Ruddy told the inquiry he was lured over to Bankwest by the later-disgraced manager with the promise of lower fees and a more competitive interest rate.

Mr Ruddy and his wife were running two separate farms 730 kilometres apart in south-west Queensland, but had plans to sell one property and pay down their debt.