The Morrison government's pledge to roll back responsible lending regulations and red tape sparked a monster rally in bank shares on Friday as major institutions, fintech challengers and mortgage brokers united to welcome the landmark reforms.
The big four banks endorsed the changes announced by Treasurer Josh Frydenberg, which will see the corporate regulator stripped of its role in politicing responsible lending and loan approval times hastened.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
