Non-major banks Suncorp, Mystate and ING have come out in support of the Royal Commission into the financial services sector while offering their own suggestions for how the inquiry should proceed.
Measures arising from the Royal Commission that deliver improved outcomes for banking, insurance and superannuation customers were in everyone’s best interests, Suncorp CEO & managing director Michael Cameron said.
“We are fully committed to supporting this inquiry, as we have with all other inquiries that the government has instigated, and will work hard to ensure our contribution is valuable.”
He recommended that the Royal Commission look into the non-ADI lenders as well.
The investigation should not be open ended, reporting back quickly so that the sector can move forwards with certainty, he said.
MyState managing director and CEO Melos Sulicich
said that the Royal Commission will reduce ongoing political and media speculation which has been destabilising the industry.
“In that respect, we welcome a Royal Commission, even though we don’t believe that it is necessary,” he said.
The inquiry itself should focus on the behaviour of the major lenders and not the smaller banks or regulation.
“Community pressure to call the Royal Commission recognises the issues resulting from the misbehaviour of large banks. In contrast, small banks like MyState have very loyal customers with very high levels of satisfaction, and no record of systemic issues from treating customers poorly.”
The government should also examine ways to make the industry framework more neutral so that small lenders can compete on an even playing field with the big four banks, he said.
ING Australia offered a brief note of support, saying, “We welcome the Royal Commission and look forward to assisting in the inquiry”.
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