A consumer watchdog believes ANZ's boss charging the bank for luxury expenses for nine years could indicate a larger, more worrying culture of excess.
This comes after the bank's chair, Sir John Key, on Monday revealed the chief executive David Hisco had been passing off personal expenses as business ones for the entire time he's been in the job - nine years.
Sir John says the expenses - which amount to tens of thousands of dollars - were hard to unearth.
The former prime minister dismissed concerns the review should have scrutinised David Hisco's purchase of Sir John's beach house - which has a rateable value of $3.7 million - at Omaha in February last year.
Meanwhile, Consumer NZ's head of research, Jessica Wilson, says consumers will take a very dim view of the well-paid boss of the country's largest bank, charging his employer for chauffeur-driven cars and cellaring his wine for nine years.
She told RNZ reporter Michael Cropp it calls into question banks public assurances that they're responsible, with the customers' best interests at heart, and that there's no need for more regulation.
