01.CHOICE and other organisation form AusFIN
CHOICE, along with other leading Australian organisations, has formed the Australian Financial Integrity Network (AusFIN), aiming to promote, educate and advocate for reforms to the Australian ﬁnancial system.
With the Government's banking reform package due to be released this month, AusFIN has launched a set of principles it wants the Government to adopt and is seeking an urgent meeting with the Treasurer, Wayne Swan. AusFIN is also calling on the ACCC and Reserve Bank to ensure greater transparency about the size, nature and structure of ﬁnancial institutions, levels of prices and fees in the market and wholesale costs. Banks should also be obliged to offer consumers simple and comparable information on products so that they can genuinely shop-around.
In addition to promoting competition by adopting measures such as portable bank accounts, AusFIN wants to see an end to conﬂicted remuneration models in the ﬁnance sector, both for frontline workers and senior executives.
The AusFIN Charter sets out the goals and principles of the Australian Financial Integrity Network.
The following organisations are members of AusFIN:
- Australian Council of Trade Unions
- Consumer Action Law Centre
- Finance Sector Union of Australia
- Industry Super Network
- The Australia Institute
- Australia Financial Counselling and Credit Reform Association
- Consumer Credit Legal Centre
- Council of Small Business of Australia
- Per Capita