The Finance Sector Union will tell a Senate Inquiry into competition in banking that greater competition alone will not make banking better for consumers or bank employees, and that a cohesive long-term industry plan for banking is needed.
With banking an essential service to our nation, the Inquiry must look at the social and economic contribution we want banks to make to Australian society and factor that into an industry plan so we have a sustainable and responsible banking system in the future.
Banking is integrated into our ability as citizens to function in modern society, and it is impossible to opt out of the banking system. It is up to Government to ensure the system operates fairly and equitably for all stakeholders.
There is a real thirst for change amongst consumers and bank workers as we’ve seen by the level engagement with the Better Banking campaign. And while key aspects of the type of changes sought have been recently announced as part of a banking reform package – exit fees, switching, responsible lending initiatives such as credit card reform and better product information – the behaviour and culture of our big banks need to be reined in by a regulatory regime. Read more »
