HomeView 2015 Media ReleasesGovernment must seize FSI opportunity

The Customer Owned Banking Association urges the Government to seize the opportunity presented by the Financial System Inquiry blueprint and ensure its key recommendations are swiftly implemented.

  • Customer Owned Banking Association response to Murray Report
  • COBA calls for swift implementation of FSI recommendations
  • Current regulatory settings stifle competition and let down consumers

The Customer Owned Banking Association urges the Government to seize the opportunity presented by the Financial System Inquiry blueprint and ensure its key recommendations are swiftly implemented.

COBA’s submission in response to the Murray report says the current regulatory settings have stifled competition and let down consumers.

“We have had the debate, the verdict is in, it’s time to act,” COBA CEO Mark Degotardi said.

“The FSI report lays out a blueprint to promote efficiency and competition, strengthen resilience and enhance consumer trust in the financial system.

“It is a blueprint that should be implemented without delay.

“Recommendations 1 and 2 on bank regulatory capital should be given top priority, along with recommendations to better protect and inform consumers.

“What is at a stake is a more dynamic, innovative and consumer-friendly financial system. We can’t afford to get bogged down in endless debate.

“The FSI spent a year carefully considering the issues and giving all stakeholders a good hearing.

“We urge the Government to respond quickly and positively to the FSI report and to send a strong signal to all stakeholders to get on board.

“It is particularly important the key regulators, such as APRA, buy in to the reform agenda because regulators will have a crucial role in implementing changes to the regulatory settings. We propose a timetable to keep these reforms on track.

“Australian consumers deserve a banking market that has diversity and sustainable competition. The regulatory system must allow, not impede, that diversity and sustainability.

“The Australian Government took decisive action by holding the Murray Inquiry. Customer owned banking institutions urge the Government to take the same decisive approach and implement Murray’s recommendations without delay.”

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

pdfDownload submission here971.26 KB

pdfDownload PDF release here116.82 KB

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