Abacus calls for independent banking inquiry
An industry body representing credit unions and mutual banks has launched a national campaign to raise awareness about what it calls an imbalance in the Australian banking system.
In launching the Balance Banking campaign, Abacus Australian Mutuals has pointed to its survey of 1000 consumers showing almost two thirds wanted an independent inquiry into the country's banking system.
"Australians are angry about the dominance of the major banks," Abacus CEO Louise Petschler said.
Petschler said the new campaign would lobby for change to address the "imbalance in banking" through national debate.
"In an election year, consumers are demanding politicians deliver a better banking deal for Australians," she said.
The Balance Banking website which was launched as part of the campaign claims regulations favour the big four banks and that there is no level playing field in the industry.
The survey commissioned by Abacus also found 65 per cent of respondents believed there was not enough competition in the Australian banking system, while 71 per cent agreed the big four banks had an unfair advantage in the mortgage market.
"For us Balance Banking means more competition in Australia's banking market, a level playing field for smaller players to take on the big four banks and ultimately more choice and better value for consumers," Petschler said.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
