BCCM Submission to Financial System Inquiry

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.