BOQ Response to ABC TV’s 7.30
Our owner manager model is a source of competitive advantage for BOQ and is a key part of our distribution strategy, now and into the future. We will continue to invest in the model and recruit new owner managers who have the right mix of banking and small business skills in order to serve their local communities.
Given the highly regulated nature of the banking industry, we are required to ensure all branches and individuals consistently uphold our required risk and compliance standards. We make no apologies for addressing any risk and compliance issues within our network as soon as possible after they are identified.
Though their individual circumstances differ, in our view the former owner managers who appeared on ABC TV’s 7.30 breached their risk and compliance obligations. BOQ was, and remains, under a regulatory and legal obligation to address these issues in a timely manner and in accordance with the relevant franchise agreements. This is what occurred in each case.
We took decisive action on these matters as we must always prioritise our regulatory responsibilities and the interests of our customers. We are satisfied the actions we have taken in relation to this small minority of former owner managers leave our branch network in a far stronger position.