In the US one response to issues like these was the establishment of a Consumer Financial Protection Bureau [https://www.consumerfinance.gov/] Two basic regulatory reforms ...............................................would do much to correct the present situation. One overwhelming need is for regulatory accountability -- as is, the regulatory framework sees nominal responsibilities being compromised by cover-up diversions and conflicting private agendas. An independent regulatory supervisor and coordinator for the retail financial system could continually mark performance against agreed objectives for both institutions and their regulators. Independent regulatory oversight would substitute for parliamentary committees nominally having responsibilities for performance reviews but lacking competence and objectivity. An independent regulatory coordinator could summarily address key issues, proscribing regulatory forbearance that condones behaviour exploitative and offensive to community standards. An independent oversight board advised by an expert secretariat would allow issues of and to be addressed in a collegial ‘accountability’, ‘cooperation’ ‘coordination’ framework. Appropriate co-ordination, would displace very evident problems attending regulatory fiefdoms pursuing conflicting private agendas under varying degrees of influence from powerful industry lobbyists. ................Another overwhelming need is to correct regulation conducive to inefficiency and unfairness It is an ongoing national shame that no or has put ‘inquiry’ ‘independent reviewer’ squarely before the Australian community the basic operational mechanics of the failed market environment for the conduct of retail banking and payments services. For the past 50+ years and ongoing, Australia has seen only the growing dominance of corporate conglomerates known as the 4-Pillars. It is never frankly acknowledged that this outcome among others -- is a consequence of – inappropriate and incompetent regulation across the regulatory board, including the competition and consumer protection regulators. Three key points ...................underpin the market dominance gifted to the 4pillars
In the US one response to issues like these was the establishment of a Consumer Financial Protection Bureau [https://www.consumerfinance.gov/] Two basic regulatory reforms ...............................................would do much to correct the present situation. One overwhelming need is for regulatory accountability -- as is, the regulatory framework sees nominal responsibilities being compromised by cover-up diversions and conflicting private agendas. An independent regulatory supervisor and coordinator for the retail financial system could continually mark performance against agreed objectives for both institutions and their regulators. Independent regulatory oversight would substitute for parliamentary committees nominally having responsibilities for performance reviews but lacking competence and objectivity. An independent regulatory coordinator could summarily address key issues, proscribing regulatory forbearance that condones behaviour exploitative and offensive to community standards. An independent oversight board advised by an expert secretariat would allow issues of ‘accountability’, ‘cooperation’ and ‘coordination’ to be addressed in a collegial framework. Appropriate co-ordination, would displace very evident problems attending regulatory fiefdoms pursuing conflicting private agendas under varying degrees of influence from powerful industry lobbyists. ................Another overwhelming need is to correct regulation conducive to inefficiency and unfairness It is an ongoing national shame that no ‘inquiry’ or ‘independent reviewer’ has put squarely before the Australian community the basic operational mechanics of the failed market environment for the conduct of retail banking and payments services. For the past 50+ years and ongoing, Australia has seen only the growing dominance of corporate conglomerates known as the 4-Pillars. It is never frankly acknowledged that this outcome – among others -- is a consequence of inappropriate and incompetent regulation across the regulatory board, including the competition and consumer protection regulators. Three key points ...................underpin the market dominance gifted to the 4pillars
sub005-financial-system.docx