THE Customer Owned Banking Association is calling for a move away from the one size fits all regulatory regime, recognising there are more than four banking providers in the market.
GMCU’s chief risk and compliance officer, Brett Elgar said “With the release of the interim report of the Financial Services Royal Commission due soon, Credit Unions are concerned about future regulatory policy proposals that punish smaller banking institutions for the misconduct of the major banks.
“GMCU is in favour of a proportionate regulatory regime that boosts competition in retail banking, promotes innovation and delivers more choice for consumers.
“While banking must be strongly regulated, excessive regulatory costs harm competition, and for a small institution like GMCU consumers ultimately pay the price. A more competitive customer owned banking sector will make major banks think twice about how aggressively they put shareholders ahead of customers.
“A great example of how GMCU can support our members rather than rewarding shareholders is our current home loan offer of 3.59 percent. We encourage locals to visit their local GMCU branch because #MoreThan4 is about knowing that there IS choice in banking.”
GMCU has branches throughout central Victoria, each with experienced bankers who can help locals with their choices, including branches in Shepparton, Mooroopna, Kyabram, Benalla, Echuca, Numurkah, Euroa, Seymour and Kilmore. GMCU can be contacted in Shepparton on 5821 9033 or at www.gmcu.com.au