Friday, October 14, 2016 9.51AM / Mondo
ASIC's Opening Address To The House Of Representatives Standing Committee On Economics
Banks play a critical role in supporting economic growth and meeting the financial needs of Australian people.
However, in recent times banks have fallen short of community expectations, as they themselves have acknowledged. Work is needed to restore trust and confidence.
ASIC does see that the banks are taking important steps in the right direction to address this gap but they have a way to go on that journey.
On this issue, ASIC has an important role to play.
Our vision is: “To allow markets to fund the economy, and in turn, economic growth. In doing so, contributing to the financial well-being of all Australians.”
We do this by:
To this end, we have a range of work underway which we believe will contribute to increasing trust and confidence. Much of our work is focused on surveillance and enforcement.
Our 4 year Corporate Plan which we released at the end of August sets out the work we will undertake in achieving our vision.
This year we have also included our view of 'what good looks like' across the sectors we regulate. This, of course includes the banking and financial services industries.
At the same time, the Government is progressing a number of important reforms that affect the work ASIC does, and which we believe will contribute to improving outcomes in banking and financial services. Over time, these well targeted reforms will contribute to increasing trust and confidence.
Lastly, we would also like to comment on the importance of competition in driving positive consumer outcomes in the banking and financial services industry. Strong competition, both from new entrants and incumbents, encourages firms to innovate and has positive effects on price and quality.