In their fifth appearance before the House of Representatives Standing Committee on Economics, Westpac's CEO Brian Hartzer and his group CFO Peter King played it safe on a range of issues arising from the royal commission. Hartzer's opening statement on Friday was contrite, as might be expected following the bruising encounters all banks had in the Hayne royal commission.The committee's deputy chair Matt Thistlethwaite asked whether he was happy with the outcome. "Happy is not a word I would associate with the royal commission process," Hartzer said."It was a very difficult experience for the customers whose issues were looked at. It was very confronting challenge for all of our people. "I recognise that some people will be cynical and there is concern that this is a big one off - but we really don't want to go through this experience again," Hartzer told the committee.Hartzer and King tabled a document showing that, of the 76 final report recommendations, 53 will require action by financial services companies, such as Westpac.Of these, Westpac has already completed, or is implementing, 25 of these recommendations, the bank said. These have come at a cost.Under close questioning from Tim Wilson, chair of the committee, Hartzer said that in the last financial year Westpac provided about A$380 million "for mediation of a range of different business units and issues and ... the cost of running the remediation."The year before that the cost was $169 million, giving Wilson a $200 million target with which to score points.CFO Peter King said: "Roughly half of that amount related to the planning advice business - that was a business we didn't understand and manage the risks well enough. The rest of it related to not following the processes or charging fees in line with disclosures in the banking business."When Wilson then fished for details of the 24 bank employees referred to regulators for prosecution as a result of these types of shortcomings, Hartzer responded:  "We have a number of different matters on foot with the regulators. Sitting here today, we are not aware of any individuals that have been referred or are being looked at."Wilson was quick to point out this was very similar to what CBA had told the committee earlier in the day and he was surprised by this lack of awareness at both major banks.One area where Westpac and its fellow ABA members were aware of the regulators' views, was 'covenant lite' type business loans.Hartzer argued that setting the threshold at $5 million - as recommended by royal commissioner Kenneth Hayne (and by the small business ombudsman Kate Carnell) - was not a good move, and more time was needed to test the effectiveness of a lift to $3 million."We want to lend to small business," he said. "That's how we make money. When you get above [$3 million loans], you start getting into more cases of really complex businesses."We would be very happy to start with $3 million and come back to it [to review the