Suncorp Bank welcomes the Federal Government’s response to the Financial System Inquiry
Tuesday, 20 October 2015
Suncorp Bank has today welcomed the Federal Government’s response to the Financial System Inquiry, and its support for competitive neutrality to achieve a long-term, sustainable multi-tiered financial system.
Suncorp Bank CEO, John Nesbitt, said today’s response from the Federal Government demonstrated that Australia’s regional banks can influence change to achieve better results for customers.
“Over the past 18 months, the regional banks have advocated for a set of rules and regulations that would strengthen confidence in Australia’s financial system,” Mr Nesbitt said.
“Today’s announcement will support a more level playing field in banking, and will increase competition for the benefit of consumers.
“We appreciate the Government’s willingness to address the ‘too big to fail’ competitive advantage held by Australia’s major banks through a revision of the funding gap between major and non-major banks.
“Suncorp Bank was proud to be an active participant throughout the Financial System Inquiry, and we will continue to advocate for changes that contribute to a strong financial system and deliver financial benefits to Australians.”
About Suncorp: Suncorp Group includes leading general insurance, banking, life insurance and superannuation brands in Australia and New Zealand. The Group has 14,500 employees and relationships with nine million customers. Suncorp Group Limited is a Top 20 ASX-listed company with $94 billion in assets. Suncorp Bank is Australia’s leading regional bank servicing more than one million personal, SME and agribusiness customers.