HomeView 2014 Media ReleasesFSI report an opportunity for fairer banking

The Customer Owned Banking Association says a report next week on the future of the financial system is an opportunity to reveal new policies that promote more competition and choice for Australian banking consumers.

COBA today said the Financial System Inquiry’s interim report to be published on Tuesday is keenly anticipated to see if it addresses problems in our current banking market.

“The inquiry presents a once in a generation chance to acknowledge our financial system’s strengths but more importantly take a critical eye to the risks posed by the current market power of the big four banks,” COBA CEO Louise Petschler said.

“The ‘too big to fail’ problem posed by dominant banks is well recognised internationally as posing a risk not only to sustainable competition but to the long-term stability of our financial system.

“COBA looks forward to the FSI Panel addressing this issue, including outlining appropriate measures to deal with it.” 

COBA has called for changes to the regulatory landscape that foster a pro-competition and pro-consumer approach to banking, including:

  • Better and more effective consumer disclosure to support genuine competition and choice for consumers;
  • Addressing existing barriers to genuine competition, including the unfair funding-cost advantage enjoyed by the major banks;
  • Creating a level playing field that recognises the strength of the customer owned model; and
  • Fairer regulatory rules for large and small banking institutions.

To find out more about COBA’s submission to the Financial System Inquiry visit www.balancebanking.com.au

For more information and interview requests please contact:

Daniel McDougall, Senior Manager – Media and Communication
02 8035 8444 or 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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Sally Mackenzie
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