Why it matters: The banking lobby group says the sector is over-regulated.
This increases costs on smaller players, and limits their ability to compete with the big four.
It comes days after ANZ boss Shayne Elliott said financial services were “the preserve of the wealthy”.
ABA chief Anna Bligh called for a UK-style regulatory standard to simplify the regime.
Australian Banking Association chief executive Anna Bligh says over-regulation of the financial sector is strangling smaller lenders with compliance costs and making it tougher for them to compete with the big four banks.
There are 130 different regulatory changes in train over the next 12 to 18 months and Ms Bligh told the House economics committee on Thursday that the volume of change, by multiple regulators, is making it “impossible” for the sector to figure out what is actually important.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at lucas.baird@afr.com
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
