Small banks believe a lack of competition is contributing to inappropriate conduct by bigger rivals and poor quality products for their customers.
In its submission to the Productivity Commission's inquiry into competition in the Australian financial system, the Customer Owned Banking Association says the sector does not have sustainable competition at the moment.
"A lack of competition can contribute to inappropriate conduct by firms, and insufficient choice, limited access, and poor quality products for consumers," director of policy Luke Lawler said in a statement on Tuesday.
Ahead of Conduct Risk, Culture and Regulation in Financial Services 2018, we
chat to Liza Nadolski, Chief Risk Management Advisor at icare about:
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Understanding and overcoming the challenges associated with managing risk
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Implementing an effective and ethical risk culture in the workplace
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Making risk an open topic of discussion on the agenda