Try Aussie banking reforms here, says Finsec

Finsec said this week that Australian banking reforms should be extended across the ditch. The Australian chances include giving customers one-page documents outlining how to compare mortgages and investigating account number portability. The objectives of the changes are to make it easier to change banks, and increase competition.

Finsec General Secretary Andrew Casidy told Business Day the government here should follow suit, and that our union had advocated for a public body to be established to provide objective advice to customers.

“Whether we realise it or not the relationship between customers and banks is one of the most expensive transactions in our lives, but it’s actually very hard to get good comparative information,” said Andrew Casidy.

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