Mr Hartzer's remarks follow a series of scandals in the financial planning industry – at CBA, NAB and Macquarie – and controversial efforts to tighten regulation in the sector. Westpac 's CEO , Brian Hartzer , has said that mortgage broking will be the next financial service that will come under heavy scrutiny from regulatory authorities in Australia . He suggested that the current rules could be used to force institutions to offer interest - only loans to customers , only as a fully - advised loan , as is the case in the UK . This would force banks to demonstrate that they have assessed the customer 's ability to pay , that the loan is suitable for that customer , and that the customer fully understands the terms of the loan .
Westpac 's CEO , Brian Hartzer , has said that mortgage broking will be the next financial service that will come under heavy scrutiny from regulatory authorities in Australia . He suggested that the current rules could be used to force institutions to offer interest - only loans to customers , only as a fully - advised loan , as is the case in the UK . This would force banks to demonstrate that they have assessed the customer 's ability to pay , that the loan is suitable for that customer , and that the customer fully understands the terms of the loan .