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RACQ has welcomed the overall intent of the Hayne Royal Commission recommendations, particularly the greater focus on improving culture within the financial services industry.

RACQ Group CEO Ian Gillespie said the Royal Commission offered RACQ a great opportunity to prove why it was different from the big national and international banks and insurers.

“RACQ has always had a clear purpose. We work for our members, not the bottom line,” Mr Gillespie said.

“In our case it’s people before profits every time, unlike our major national and international competitors.

“We won’t always get it right, but RACQ will always start with what is best for our members.

“Our history is built on service through our roadside assistance business. That is what we bring to insurance and what we are now bringing to banking,” he said.

“We believe the Royal Commission’s findings highlight the value of the alternative member-owned mutual model that is available to financial services consumers where the primary focus is on the customer, not just on profit.

“RACQ offers so much more in banking and insurance when it comes to trust and transparency.

“RACQ values our members and the trust they have in us over everything else. We do have a bank and insurance company, but we are RACQ at our core,” he said.

“We’ve always been committed to providing ethical and sustainable banking and insurance services to our members and we’ll continue to build on the trust they’ve given us.”