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COBA welcomes ACCC inquiry

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The Customer Owned Banking Association welcomes the Australian Competition and Consumer Commission’s inquiry into home loan pricing and competition in the retail banking market.

COBA is particularly pleased that the inquiry will consider what prevents more consumers from switching banks when they may find a better deal elsewhere.

COBA’s Director of Strategy Sally Mackenzie said it’s important that the inquiry investigates ways to make it easier for consumers to switch banks while avoiding more red tape.

“This inquiry is an opportunity to deliver a more competitive banking sector by examining what is holding consumers back from switching bank providers.

“Empowering consumers to switch their banking and to shop around is an unambiguously good thing.

“A more competitive market will make all players care more about their customers.

“There are barriers that prevent consumers from switching, which makes it challenging for smaller banks to win market share from the big four banks.

“Consumers can benefit personally by shopping around, and the market will function more effectively if there is more intense competition for borrowers.

“It’s important that policy makers empower consumers to drive competition.

“Policy makers need to careful consider regulatory interventions because smaller players are already subject to a disproportionately high regulatory burden.

“We look forward to this inquiry coming up with creative new ways to unleash consumer power.”

A PDF of this media release can be downloaded here.

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Ashley Penny
Corporate Affairs Manager
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M: +61 431 932 950
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