21 November 2013
CHOICE has welcomed the release of the terms of reference for the financial system inquiry, which is charged with examining how to position the financial system to best meet Australia’s needs.
“There have been fundamental changes in the way consumers interact with financial services and products in the 16 years since the last major financial system inquiry. CHOICE particularly supports the recognition in the draft terms of reference of the need to balance competition, innovation and efficiency with consumer protection and stability,” says CHOICE Chief Executive, Alan Kirkland.
“We are also encouraged by the recognition of the role of new technologies, market innovations and changing consumer preferences.”
“CHOICE welcomes the commitment to a broadly-based committee and we encourage the Government to include a consumer policy expert, to help to work through the complex range of issues set out in the draft terms of reference.”
“We look forward to contributing to the inquiry on behalf of Australian consumers once the terms of reference are finalised.”