Westpac CEO Anthony Miller Pushes Back on Banking Restrictions, June 17

Westpac CEO Anthony Miller is pushing regulators to ease restrictions on banks offering wealth and advisory services. Miller argues banks should have a role in the wealth market despite the 2019 royal commission crackdown. The move comes as ASIC warns banks against aggressive re-entry into advisory services, signaling a regulatory standoff over banking reform.

Miller’s Case for Banking Advisory Services

Anthony Miller told Tom Elliott on 3AW that regulating flexibility will lead to complication for businesses. Miller also called for a rethink on post-royal commission crackdown on lenders providing advisory services. Miller’s comments reflect Westpac’s push to expand into wealth management, a lucrative market the bank largely exited after the 2019 royal commission.

ASIC Issues Stark Warning to Banks

ASIC chair Melissa Court warned banks against aggressive return to wealth market. The regulator expressed concern about rapid re-entry into advisory services. Court’s warning signals ASIC will scrutinize any bank moves back into wealth management closely.

Miller’s Profile Faces Headwinds

Miller, appointed Westpac CEO in late 2024, brings credentials from Deutsche Bank and Goldman Sachs. Recent commentary suggests his public profile has eased relative to peers at Commonwealth Bank, NAB, and ANZ. As a newer chief executive, Miller is still building the influence that defines broad industry standing among Australia’s big-four bank leaders.

Tax Policy and Regulatory Pressure

Miller also commented on capital gains tax changes. He said he understands the government’s rationale for CGT changes on property but not for other asset classes. Westpac is pushing for AI adoption as it navigates a complex operating environment shaped by regulation, tax policy, and technology investment.

Final Thoughts

Miller’s push for advisory services access puts Westpac at odds with ASIC’s cautious stance. The regulatory standoff will likely shape how quickly banks can rebuild wealth operations in coming years.

FAQs

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.