HomeView 2015 Media ReleasesNew poll shows Australians want FSI action

 A new poll shows Australia’s major banks have a serious trust issue which underlines the need for the implementation of Financial System Inquiry (FSI) recommendations.

A new poll shows Australia’s major banks have a serious trust issue which underlines the need for the implementation of Financial System Inquiry (FSI) recommendations.

The poll of 1000 Australians found just 7% had a high degree of trust in the big four banks.

“There’s clearly tremendous consumer appetite for trusted and ethical financial services,” COBA CEO Mark Degotardi said.

“The polling shows consumers want financial advice they can trust and clearer product information.”

The Essential Research poll commissioned by COBA found:

  • 90% regard trust as an important issue, followed by 87% for ethical conduct;
  • 11% say they have no trust in financial advisers;
  • 81% say a diversity of financial institutions is important;
  • On the FSI outcomes consumers would like to see – 83% want easier to understand information, 79% want fairer rules for smaller institutions and 79% support diversity in the sector.   

“There’s a clear message here that consumers want implementation of the FSI blueprint,” Mr Degotardi said.

“The FSI report noted the breakdown of trust in large parts of the financial services sector. The report makes recommendations to promote the fair treatment of consumers, to improve efficiency and build confidence and trust in the financial system.

“We agree with the report’s call for action, including that ‘firms need to take steps to create a culture that focuses on consumer interests’.

“Our model, the customer-owned model, has a built-in focus on fair treatment for consumers. 

“The FSI blueprint is pro-competitive and pro-consumer and will tackle anti-competitive distortions that benefit the biggest banks.

“Australians are looking to the Government to implement the recommendations of this important report.”

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

Media Release99.83 KB

Essential Report - Banking228.32 KB

284x148_man.jpg

Media Contacts

Mick Gibb
Corporate Affairs Manager
P: +61 2 8035 8444
M: +61 423 149 494
Email Mickcontact-arrow

COBA Alerts

To receive notifications about our latest Media Releases, Submissions and other news sent straight to your inbox, subscribe to COBA Alerts.