Queensland Country Credit Union has strongly endorsed a new campaign called #MoreThan4, which calls for a proportionate approach to banking regulation.
The campaign launched by the Customer Owned Banking Association seeks to move Australia’s banking regulatory regime away from a one size fits all approach.
Queensland Country CEO Aileen Cull said the high regulatory costs on customer owned institutions meant the banking market isn’t as competitive as it should be.
“Banking must be strongly regulated but smaller institutions face higher regulatory costs compared to major banks,” Ms Cull said.
“For example, legislation has recently been introduced around remuneration practices for bank executives that is clearly targeted at the larger banks,” she said.
“There has never been any suggestion of improper practices with customer owned institutions, but the new legislation imposes additional requirements on us to implement.
“Larger banks have specialist resources to address these requirements internally. For us, we have to either look to consultants, or divert internal resources from other work.”
Ms Cull said excessive regulatory costs damage competition, and it is consumers who ultimately pay the price.
“A competitive banking market is needed to drive innovation, keep downward pressure on prices and meet the changing needs of consumers,” she said.
“That’s why Queensland Country supports a new approach to regulation that recognises there are #MoreThan4 banking institutions.
“Keeping regulatory costs proportionate will boost competition in retail banking, allowing customer owned institutions to grow and deliver better outcomes for the community.”
For more information please contact:
Head of Marketing
Queensland Country Credit Union
07 3243 4923
0409 014 085