Finsec’s sister union, the Finance Sector Union of Australia, told a Senate Inquiry this week that greater competition will not fix every problem in the banking industry.
“Banking is integrated into our ability as citizens to function in modern society, and it is impossible for Australians to opt out of the banking system. It is up to Government to ensure the system operates fairly and equitably for all Australians,” said FSU National Secretary Leon Carter.
Carter said that there was a real thirst for change amongst consumers and bank staff. “While key aspects of the type of changes sought have been picked up by Government – 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.”
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