HomeView 2017 Media ReleasesCOBA on Royal Commission

Acting CEO Dominic Dunn today made the following comments regarding the announcement of a Royal Commission into misconduct in banking and financial services:

Acting CEO Dominic Dunn today made the following comments regarding the announcement of a Royal Commission into misconduct in banking and financial services:

“COBA accepts the Royal Commission into misconduct in banking and financial services will go ahead.

Its focus should be on the vertically integrated, listed major banks that dominate the market, as we understand how disgruntled customers of these organisations would want their matters addressed.

The customer owned business model is fundamentally different to the listed banks because our customers are our owners. We only act in our customers’ interest – they are our only stakeholder. This approach is reflected in consistently market leading customer satisfaction rates.

We welcome the Turnbull Government’s continuing focus on increasing competition in the banking sector, which is critical to getting better outcomes for customers and levelling the playing field for smaller institutions.

Action to promote sustainable banking competition will provide a long-term solution to concerns about the banking market.

It is critically important that while a Royal Commission is conducted, competition reforms continue to be implemented, including the Hammond Review reform package.

These are important measures that will update regulatory and legislative settings to accommodate the customer owned business model.”

Media Release128.45 KB

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 mutual banks, credit unions and building societies.  See www.customerownedbanking.asn.au

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Media Contacts

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