Speaking notes for address by Greg Medcraft, Chairman, ASIC, Grand Ballroom, Sheraton on the Park, Sydney, 30 August 2011.

First, I would like to recognise the work Abacus has been doing – some of it with ASIC – on behalf of its members, particularly on:

1. training and competence for credit licensees;
2. home loan and credit card reforms;
3. the ePayments Code; and
4. consumer credit insurance.

I will have more to say about some of these topics in a moment.

More broadly, I want to recognise the challenges many mutuals are facing.

As this audience knows, the Government is acting to introduce a competitive and sustainable banking system, especially around:

1. empowering consumers to get a better deal (anticipates ASIC's role on exit fees and consumer awareness and education);
2. supporting smaller lenders to compete with big banks;
3. securing the long-term safety and sustainability of our financial system.

ASIC has been involved in parts of this package, including:

• the Key Facts Sheet (KFS) for home loans;
• account portability review;
• exit fees; and
• credit card reform legislation.

ASIC continues to liaise with Treasury on key aspects of this package.

Download the speaking notes (PDF 83 KB)