Fraser slams bank service and exec pay

Former Reserve Bank governor and chairman of Members Equity Bernie Fraser has attacked executive pay levels and the downgrading of banks' customer service. At a product launch, Fraser said some executive pay was “scandalous” and that there is a belief that a bank can't be simultaneously profitable and have good customer service. Fraser said ME's products are easy for customers to understand and don't involve hidden fees. CEO Anthony Wamsteker said ME is Australia's fastest growing bank, targeting the five million Australians who are members of industry superannuation schemes with TV ads which will air next week.