02 April 2014
The BCCM has made a submission to the Australian Government’s Financial System Inquiry, emphasising the important role that mutuals play in financial service delivery and in a strong and competitive financial system that is consumer (user) focused and contributes to the overall productivity and growth of the Australian economy.
The submission notes:
- Financial mutuals (including customer owned banks, credit unions and building societies) provide essential market diversity in a sector that is highly concentrated in terms of ownership and market share
- Corporate diversity is a key ingredient in de-risking the economy from market volatility, and providing for a strong, resilient, sustainable and equitable market economy
- Effective competition drives productivity, innovation and user focus
The submission calls for any brakes, regulatory or consumer related, on effective competition, to be a key focus of the Financial System Inquiry.
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