Abacus Chairs and CEO's Forum
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:
- training and competence for credit licensees;
- home loan and credit card reforms;
- the ePayments Code; and
- 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:
- empowering consumers to get a better deal (anticipates ASIC's role on exit fees and consumer awareness and education);
- supporting smaller lenders to compete with big banks;
- 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.