The Australian Banking Association welcomes the launch today of the Regulatory Initiatives Grid (RIG) pilot as an important step forward in improving transparency of the regulatory pipeline across key Government agencies and regulators.
ABA CEO Anna Bligh said better coordination of regulation would provide additional certainty for Australian banks.
"Banks recognise that effective regulation is vitally important for protecting customers and maintaining confidence in the financial system, however poorly designed regulation just adds cost to the system," Ms Bligh said.
"Improved transparency of the regulatory program means banks can better navigate regulatory change and allocate resources to the programs that are the most beneficial for improving customer outcomes.
"However, for the grid to make a meaningful difference to competition in the banking landscape in Australia, it is critical that active regulatory co-ordination is a key principle.
"With almost 1200 pages of new laws and regulations placed on the banking sector in the past four years, initiatives that allow banks to better plan and coordinate future regulation are critical for maintaining a competitive sector including competitive pricing for customers."
Contact: Benn Ayre | [email protected] | 0428 342 325
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