Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter

Govt urged to reform financial system immediately

Smaller banks have called for the government to act swiftly on the implementation of key recommendations presented by the Financial System Inquiry.

The submission made by the Customer Owned Banking Association (COBA) in response to the Murray report said 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 chief executive Mark Degotardi said.

Advertisement
Advertisement

“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.”

Mr Degotardi said the first and second recommendations regarding bank regulatory capital should be given top priority, along with recommendations to better protect and inform customers.

He said it is particularly important that the regulators buy into the reform agenda since they will play a crucial role in the implementation of the recommendations.

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

“We propose a timetable to keep these reforms on track.”

Govt urged to reform financial system immediately
mortgagebusiness

 

Latest News

Record-low interest rates and trade tensions between the US and China are stifling consumer spending, Treasurer Josh Frydenberg has acknowle...

Residential construction activity is to remain subdued over the coming year, according to the RBA, placing upward pressure on home values...

The online SME loan comparison platform has announced that it has closed a $12.5-million series B equity funding, with Salesforce and ANZ su...

FROM THE WEB
podcast

LATEST PODCAST: Transparency around rate cuts

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.