CHOICE congratulates the Honourable Scott Morrison MP on his appointment as Treasurer and welcomes the opportunity to work with him on positive reform for consumers.
“Mr Morrison has been left with a blueprint for reform in the Financial System Inquiry’s final report. This was the result of an extensive consultation process, with the recommendations broadly supported by consumer and industry groups. We call on the new Treasurer to issue a government response to this landmark inquiry and to implement the key recommendations as a matter of priority,” says CHOICE CEO Alan Kirkland.
The Financial System Inquiry (FSI) issued its final report in December 2014. The Government has yet to respond to the 44 FSI recommendations which would increase banking system stability, set clear objectives for Australia’s growing Superannuation system and increase consumer protection. There have been reports that a government response has been prepared for consideration by Cabinet.
“The Financial System Inquiry outlined a vision for a stronger corporate regulator, supported by measures that would bolster protections for consumers.
“One of the key recommendations from the FSI is a call to reform the design and distribution of financial products, making all participants in the financial system responsible for consumer outcomes.”
“It also calls for the regulator to be given new product intervention powers. This new intervention power would allow the regulator, ASIC, to stop financial disasters before they start, rather than cleaning up after unscrupulous players have already fleeced their customers.”
“Mr Morrison now has a once in a life time opportunity to tackle difficult financial system reform for the benefit of every Australian. This is critical to restoring consumer confidence in this important sector.
“CHOICE stands ready to work with him to create a financial system that delivers fair outcomes for all consumers.”
