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ACCC to take on greater role in championing competition

ACCC to take on greater role in championing competition

(24 April 2018 – Australia) Competition will continue to be an area of focus throughout 2018 with the ACCC expanding its oversight of the financial services sector.

The Productivity Commission released its draft report into competition in the financial services sector finding that competition has taken a back seat in favour of financial stability. This is due to Australian Prudential Regulation Authority (APRA) regulatory actions and the overlapping and often conflicting responsibilities of regulators.

The ACCC believes it is well placed to pick up the shortfall in the current regulatory regime and is willing to work more closely with APRA, ASIC and the RBA to advocate strongly for greater competition.

The ACCC has already stepped in to provide support for the government’s open banking system which it views as necessary to increase competition in the sector.

The focus of the ACCC will be on regulatory measures affecting the ability of smaller banks to compete, the difficulty of consumer switching, and barriers to entry, presenting huge opportunities for small businesses in the financial services sector.

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