Productivity Commission Inquiry into competition in the Australian financial system: Hearings on draft report
Opening statement by Greg Kirk, Senior Executive Leader, Strategy
Australian Securities and Investments Commission
Productivity Commission Inquiry into competition in the Australian financial system, Hearings on draft report (Melbourne, Australia)
6 March 2018
Thank you for the opportunity to appear before the Productivity Commission today. We welcome the Commission's draft report and the attention it has drawn to the competition inAustralia’s financial system.
A key priority for ASIC is to identify where the failure of competition to operate effectively results in poor conduct and consumer harm.
The draft report includes a number of findings and recommendations that are relevant to ASIC’s work and mandate. We will respond to each of those recommendations in our written submission.
I would like to focus my opening remarks on three issues:
- improving consumer outcomes;
- data and transparency; and
- regulatory settings.