Financial System Inquiry – Too Big to Ignore says COBA

26 June 2014

Customer Owned Banking Association (COBA) CEO Louise Petschler has outlined the focus of their Financial System Inquiry submission and campaign for more competition in banking in an op-ed for Crikey.

This is an issue for all of us. The customer owned banking sector has more than four million customers, and without us, Australia’s financial system would be far less competitive and diverse, with less real choice for consumers.

The public agree with us:

• 77% agree the big four have an unfair advantage;
• 69% say there needs to be more competition;
• 82% see it as important to look at whether regulation promotes or limits competition;
• 70% say the big four needs stronger regulation and believe regulation should not be one size fits all.

Australian banking customers will suffer if the financial system delivers unfairly for the big against the small, and imposes a one size fits all regime.

In our submission we are calling for:

• The big four to pay for the taxpayer funded subsidy they receive;
• Better consumer information so Australians make informed banking choices
• A banking regulator more focused on fostering competition
• Recognition of the customer owned banking model.

Read the full piece on Crikey, Financial System Inquiry – Too Big to Ignore, June 23