HomeView 2014 Media ReleasesConsumers the winners from Murray Report

The Murray Report into Australia’s largest industry, financial services, is good news for consumers.

“The Murray Report delivers a high quality reform blueprint for the financial system that will promote competition and choice and ensure a better deal for consumers,” said Acting COBA CEO Mark Degotardi.

“The Murray recommendations on bank capital will make the entire system stronger while getting rid of anti-competitive distortions that benefit the biggest banks.

“Our sector is already by far the most strongly capitalised sector in the banking market.

“A more resilient and more competitive banking system is good news for consumers.

“We urge the major banks to stop exaggerating the impact of higher capital requirements. This is a blatant attempt to bully the government.

“If the major banks keep threatening to hit borrowers with higher interest rates, customer-owned banking institutions are only too happy to welcome new customers.

“Customer-owned banking institutions just want a fair go from the regulatory framework so we can get on with providing our brand of trusted, customer-focused financial services.

“The Murray report highlights the importance of culture in financial firms and the breakdown of trust. The customer-owned model has trust, fairness and a consumer-focus at its core.

“We are well ahead of our competitors in living the Murray Report principle that ‘to build confidence and trust in the financial system, firms need to take steps to create a culture that focuses on consumer interests.’

“We particularly welcome the Murray recommendations to improve regulator accountability and to strengthen the focus on competition by reviewing the state of competition in the sector every three years.

“Regulators and the Government need to be vigilant about the Murray Report’s warning that ‘high concentration and trends towards increasing vertical integration in some sectors of the financial system have the potential to limit the benefits of competition in the future.’

“COBA congratulates David Murray and the FSI panel on their achievement and we look forward to engaging with the Government and the regulators on the report’s recommendations.”

For more information 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

Customer Owned Banking Association is the industry body for credit unions, building societies, mutual banks and friendly societies.  See coba3.nexusone.com.au

Download PDF release here


Media Contacts

Sally Mackenzie
Director - Strategy & Stakeholders
P: +61 2 8035 8450
M: +61 412 721 663
Email Sallycontact-arrow

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