Trust and culture: What consumers want
A speech by John Price, Commissioner, Australian Securities and Investments Commission, 2015 Customer Owned Banking Convention(Darwin, Australia), 21 September 2015
Good afternoon, ladies and gentlemen. It’s a pleasure to be invited to speak at this year’s Customer Owned Banking Convention here in Darwin.
I’ve been at ASIC since around the time when financial institutions – including credit unions, building societies and friendly societies – transferred from the previous state supervisory regimes to Commonwealth regulation and supervision.
Over the last 15 years, ASIC has enjoyed a productive and cooperative relationship with the mutual banking and friendly society industry. Nowadays, ASIC and your industries interact primarily through regular liaison between ASIC’s Deposit Takers, Credit and Insurers stakeholder team and the Customer Owned Banking Association (COBA), but ASIC also welcomes one-on-one engagement with individual entities where the need or desire arises.
I believe that what ASIC said 15 or so years ago about your industry remains a true reflection of your industry today – that is, your presence in the Australian market today reflects a long history distinguished by the core values of mutuality, cooperation and self-help.
ASIC recognises that you are subject to the same high standards of prudential regulation by APRA as your publicly listed counterparts. We recognise that the mutual banking and friendly society industries are diverse in size and location, in products and services, and in your customers’ (your owners’) expectations about your roles and responsibilities. We acknowledge that you are designed and run for the benefit of your members.