Union Seeks Tougher Rules On Banks
The Age
Thursday May 15, 2008
THE Finance Sector Union, which is opposing the merger of Westpac and St George Bank, has called for increased regulation to put the "interests of the community ahead of bigger profit margins".
The 50,000-member union wants tax incentives to stop back-office jobs going overseas - a key concern with the merger.The union, fearing further mergers of regional banks, wants a regulatory system that creates a "four pillars"-plus policy aimed at protecting customers of regional banks.The union announcement came after speculation that further mergers among banks could challenge the four-pillars policy."The four pillars must be maintained," FSU national secretary Leon Carter said. "They form an integral part of the viable banking industry in Australia. Should the policy be abandoned, tens of thousands of jobs would disappear. Competition would collapse all through the country."Several bank executives, including National Australia Bank chief John Stewart and Bank of Queensland boss David Liddy, have said the four-pillars policy limits growth.The FSU said an overhaul would bring more accountability to the major companies in the finance sector."The regulatory system is no longer able to uphold its responsibilities to protect consumers, with attacks coming on all fronts - jobs, services and standards," FSU policy director Rod Masson said.
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