Financial System Inquiry Report Released

  • 17 December 2014

    Financial System Inquiry Report Released

    On 7 December 2014, the Murray Report into Australia’s financial services industry was released. The report included no less than 44 recommendations of which more than one third seek to improve competition in the sector – which spells good news for consumers.

    The Customer Owned Banking Association (‘COBA’ – of which Unicredit is a member) released a media statement stating;

    “The Murray Report delivers a high quality reform blueprint for the financial system that will promote competition and choice and ensure a better deal for consumers,” said Acting COBA CEO Mark Degotardi.

    “The Murray recommendations on bank capital will make the entire system stronger while getting rid of anti-competitive distortions that benefit the biggest banks.”

    Read the full media release

    What is the FSI?

    The 2014 Financial System Inquiry (‘FSI’) headed by former CBA boss David Murray is the first inquiry of its type since the 1996-97 Wallis inquiry. The FSI Panel had delivered its interim report on the system and called for further submissions on this issue.

    The Customer Owned Banking Association has played a leading role in calling for a stronger, fairer banking system.

    COBA had successfully lobbied for an FSI in 2013 through its Balance Banking campaign.

    In 2014 COBA made a detailed submission to the FSI calling for a simpler, fairer, sustainable banking system.

    Current banking rules are making the big banks bigger, which is putting the Australian economy at greater risk and leaves consumers worse off. COBA regards winding back the dominance of the big four banks and promoting competition and competitive neutrality as key objectives of the FSI.

    Visit the COBA website

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