But we can change all that if we call on the Government to restore the true twin pillars of our financial system: real competition and effective regulation.
The media and politicians are paying full attention to the banks--the time to call for change is now. Tell the Government we need real reform, not half measures, by signing up below:
To restore fair and honest banking practices and to ensure the long-term strength and stability of our banking system, we call on the Government to reinforce the twin pillars of real competition and effective regulation.
Banking Reforms
We're calling on the Government to make a whole host of reforms underpinned by the twin pillars of real competition and effective regulation, to make the banking sector more competitive and fairer to customers:
* Increased powers and mandate for the Australian Competition & Consumer Commission (ACCC) to maintain a truly competitive banking sector.
* Protecting customers from predatory lending practices by preventing banks from pursuing debts for loans that should never have been made.
* Portable bank account numbers, to make it easier for you to switch your bank account to another institution.
* An end to mortgage exit fees, making it cheaper to move your mortgage to a more competitive provider.
* An end to unfair and unlawful penalty fees for small defaults like going over your credit limit, and caps on other fees.
* Measures to make it easier for small and midsized players to compete with the big banks.
* Compelling banks to offer accredited essential service products, like low-fee bank accounts, that are always offered alongside higher cost alternatives.
* Banning ‘pre-approval’ credit card offers and unsolicited credit limit increases.
* Controls on minimum credit card repayments, so that debts can be paid off within a reasonable time.
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