The Customer Owned Banking Association today called for a crackdown on misleading and confusing banking information given to consumers. COBA’s submission to the Competition Policy Review recommends changes to promote a stronger, fairer banking system.
Consumer advocates of a stronger, fairer financial system have launched a new national campaign today that asks why billions of dollars in subsidies are given to Australia’s big four banks, supported by the Australian taxpayer.
The Financial System Inquiry must scrap billions of dollars in taxpayer subsidies for the big four banks and end their “age of entitlement”, the Customer Owned Banking Association said today. COBA made the comments as it released its submission to the inquiry, highlighting the unfair advantages in the system that limits real competition for consumers. […]
New research shows more than three-quarters of Australians believe the big four banks have an unfair advantage which should be addressed by the Financial System Inquiry (FSI). The Essential Research survey of 1000 Australians revealed strong support for the FSI, with almost 80% in favour of examining the market dominance of the big four. Customer […]
The Customer Owned Banking Association has identified a “top 10” list of failures of financial sector regulation to deliver competitive neutrality for the customer-owned model. “We can’t be complacent about diminishing competition and choice in our highly concentrated banking market,” said COBA CEO Louise Petschler. “The regulatory framework is letting down Australian banking consumers if […]
COBA is calling for a levy on Australia’s four “domestic systemically important banks” (D-SIBs) as part of a package of fiscally responsible budget measures that will deliver ongoing savings to the Federal Government of more than $1.4 billion a year. The recommendation is one of three made by COBA in its 2014-15 pre-budget submission. COBA […]
The Customer Owned Banking Association today welcomed observations by ratings agency Moody’s about the strengths of the customer owned model in banking. In a report out today1 , Moody’s sees strong balance sheets, conservative business models and an above-average degree of custom loyalty. “Mutuals tend to deemphasise profit maximization in favour of providing value to […]
Smaller institutions want the Hockey inquiry to get stuck into competition. George Liondis Louise Petschler might be in the business of representing the country’s smaller financial institutions, but she says the issue of what to do with those considered “too big to fail” should be the priority for the government’s inquiry into the financial system. […]
The banking watchdog has today confirmed that the big four banks are now so big that they need more intense oversight and higher capital to combat their “too big to fail” risk to our economy. The Australian Prudential Regulation Authority says the big four banks’ “implicit guarantee” can encourage systemically important banks to take excessive […]
Today’s headlines about super savings being pushed into low-return accounts that help boost the profits of the big four banks highlight the task ahead of the newly appointed Financial System Inquiry panel. According to front-page stories in the Sydney Morning Herald and The Age today, big bank-owned fund managers are putting super savings into accounts […]