Powered by MOMENTUM MEDIA
subscribe to our newsletter

New poll calls for FSI action: COBA

A new poll reveals most Australians have little trust in the major banks, suggesting the need to implement the Financial System Inquiry’s (FSI) recommendations.

The Essential Research poll, commissioned by the Customer-Owned Banking Association (COBA), found that 90 per cent of the 1,000 respondents regard trust as the most important issue in banking, followed by ethical conduct at 87 per cent.

Despite this, just 7 per cent stated they had a high degree of trust in the big four banks, while 11 per cent said they had no trust in financial advisers.

According to COBA, implementing the FSI recommendations is a way to combat the trust issue and see Australians seek greater financial advice.

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

Advertisement
Advertisement

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

Of the FSI outcomes, 83 per cent of consumers want easier-to-understand information, while 79 per cent want fairer rules for smaller institutions.

“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.”

Mr Degotardi noted that the FSI blueprint is pro-competition as well as pro-consumer, and will tackle anti-competitive distortions that benefit the big banks.

PROMOTED CONTENT


“Australians are looking to the government to implement the recommendations of this important report,” he concluded.

New poll calls for FSI action: COBA
mortgagebusiness

Latest News

Property sale settlements hit a two-year high across the country in December 2020 and surged in Victoria, driven by the easing of COVID-19 r...

Fintechs, including UK-based Monzo Bank, could face the same fate as Xinja unless they create a sustainable future, GlobalData has warned. ...

Property analysts believe that the RBA’s forecasted 30 per cent growth in property prices over the next three years will materialise in 7...

FROM THE WEB

Join a group of highly informed brokers.

Broker Pulse, a community-driven knowledge base of lender performance Reveal exactly which lenders are making life easiest for brokers and their clients by taking this monthly survey and joining a group of highly informed brokers who leverage these insights every month.

JOIN NOW
podcast

LATEST PODCAST: Turnaround time blowouts

Do you expect to see strong uptake of the HomeBuilder scheme?

Website Notifications

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