Lender blasts big bank 'veneer' of competition

by Mackenzie McCarty19 Feb 2013
Furthermore, he says the ABA wouldn’t support measures designed to reduce the competitiveness of major lenders, as he believes this would fail to produce positive outcomes for consumers.

“Rather, we should be looking for ways to strengthen the arm of smaller competitors if we want to enhance competition.”

Walsh, however, says he’d like to see the government require banks to prominently disclose ownership of wholly owned sub-brands in all advertising.

“Treasurer Swan must make this a priority and deliver on his promise to ensure that there is greater competition in the Australian banking market ahead of the Federal Election.”

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  • by Keith B 19/02/2013 10:19:58 AM

    Hello...the whole industry is drowning in Government regulation and compliance. Give us a break!

  • by Chris C 19/02/2013 10:21:14 AM

    I have always said, Banks should not be allowed to hold board positions in MFAA or FAA or own / have shares in broker organisations or aggregator organisations or be allowed to buy out the non-bank lenders to gain a monopoly - they have a conflict of interests across too many channels in the one market - kills copetition / they dictate terms and hide behind smoke and mirrors with their special offers etc.

  • by Peter Fast 19/02/2013 10:34:43 AM

    Ha! The union bank getting ready for another compare "the pair" campaign?

    We have plenty of choice in banking. Just walk down the street and count them on every corner. Plenty to chose from I thought and brokers enhance that choice further most professionally.

    Let's face it everyone knows CBA owns Bankwest and Westpac owns St George and as for disclosure, it applies to everyone.