Canberra called to introduce legislation to regulate the power of the Big Four banks.
Canberra called to introduce legislation to regulate the power of the Big Four banks. JOEL CARRETT

Customer-owned banks call for action against the big four

THE Customer Owned Banking Association have presented three policy steps to politicians in Canberra to achieve more banking competition, a fairer banking system and drive better outcomes for consumers.

Customer owned banking seeks a level playing field so it can compete on fair terms with the major banks.

COBA is also calling on Australians to send an e-postcard to their MP's from the 'Better for All' website to encourage more competition in banking.

"It's now an opportunity for consumers to have their say," COBA CEO Mark Degotardi said.

"We've offered a set of solutions to politicians that can be implemented in 2017, to help get on with delivering genuine competition.

"We're encouraging Australian voters to go to the Better for All website and send a 'postcard' to their local MPs about banking issues important to them to encourage a better and fairer banking system for consumers.

He said the customer owned banking sector has market leading customer service and very competitive home loan and credit card products.

"We're here to offer an alternative to the major banks and a genuine choice for consumers who are looking for a banking institution that will always put the customer first," Mr Degotardi said.

The three steps call for a fast tracked Productivity Commission review of banking competition, more focus on competition from APRA and allowing customer owned institutions more capacity to raise capital.



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