Banking inquiry shows need for government to act to protect consumers

Finsec says the release of the report of the Parliamentary Banking Inquiry shows the government needs to act to protect consumers. The inquiry confirmed that major banks had not passed on the full benefit of OCR cuts into interest rates charged to customers, despite surviving the global financial crisis comparatively well, said Campaigns Director Tali Williams.

In one of the inquiry’s peer reviews, Professor John Quiggin suggests that “a better conclusion might be that the taxpayer is entitled to require that the banks will act as good corporate citizens’, a statement Finsec strongly supports.

As part of its submission to the Inquiry, Finsec proposed the establishment of a financial consumer protection agency similar to the one proposed by Barack Obama, to protect and inform consumers and monitor bank behaviour. “This inquiry outcome shows more than ever it is time for the government to consider what further monitoring and regulation of the banks is required to ensure the banks play fair with customers,” said Williams.

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