HomeView 2017 Media ReleasesCOBA calls for continued pro-competitive reform

COBA today called for the implementation of pro-competitive reform in retail banking to continue during the Royal Commission into misconduct in the banking, superannuation and financial services industry.

COBA today called for the implementation of pro-competitive reform in retail banking to continue during the Royal Commission into misconduct in the banking, superannuation and financial services industry.

“The Royal Commission will rightly focus on misconduct and should look at the areas of greatest consumer concern but there is no need to interrupt the implementation of pro-competitive reform,” COBA CEO Michael Lawrence said.

“The long term solution to concerns about misconduct in the banking market is action to promote sustainable competition.

“Our business model is fundamentally different to the listed banks because our customers are our owners and therefore the customer comes first. This is reflected in our sector’s market-leading customer satisfaction ratings.

“We have four million customers and $110 billion in total assets and we bring an unmatched customer focus to the retail banking market.

“Our sector will be able to compete even more effectively with implementation of the Hammond Review reforms that have been endorsed by the Government.

“We particularly welcome measures to improve our sector’s capacity to raise capital.

“Greater capacity for customer owned banking institutions to raise capital will increase their potential to grow, take opportunities and invest in technology.

“COBA is excited about working with the Government to implement the Hammond Review reforms.”

Media Release128.36 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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Mick Gibb
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