BCCM welcomes banks Royal Commission

THE Business Council of Co-operatives and Mutuals (BCCM) has welcomed the Royal Commission into Banks and Financial Services as part of a wider package of measures to improve banking for all Australians.

“The government has been emphasising competition as a key plank of improving the banking experience for consumers," BCCM CEO Melina Morrison said. "Before the Royal Commission was announced, it had taken steps to level the playing field for co-operative and mutual banks by accepting all eleven recommendations of the independent Hammond Review over ‘Reforms for Cooperatives, Mutuals and Member-owned Firms’.

“Whilst this Royal Commission is an important step to restoring the trust of all Australians, the government must continue to implement reforms supporting and promoting competition in the banking sector, including the legislative modernisation that will allow credit unions, building societies and mutual banks to meet the growing demand by Australians for an alternative to the shareholder-owned model.

“And we say to all Australians: if you are unhappy with the conduct of your bank, you don’t need to wait for the outcome of the Royal Commission either. The member- and customer-owned banks are award-winning alternatives who already put their customer-owners at the centre of their offering. You can find a mutual bank or credit union that works for you at www.switchdontbitch.com.au"

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