Bendigo and Adelaide Bank welcomes updated Statement of Expectations
Bendigo and Adelaide Bank has welcomed the Treasurer’s decision to update the ‘Statement of Expectations’ for APRA to include the expectation the regulator will be mindful of the different sizes and business models of banks when applying regulatory requirements.
CEO and Managing Director of Bendigo and Adelaide Bank, Marnie Baker, said the Bank supported the shift in language and looked forward to seeing the revised expectations in practice.
“This updated Statement of Expectations is a step in the right direction in ensuring new regulation is applied fairly and proportionate to the size and complexity of the financial services entity.”
“Proportionate regulation of the financial sector will enhance competition in a sector dominated by a small number of large institutions, by ensuring new regulation meets policy objectives without disproportionately penalising smaller institutions, improving innovation and customer outcomes.”
Bendigo and Adelaide Bank looks forward to continuing to work with the Government and APRA to ensure the design and implementation of proportionate regulatory requirements.
Bendigo and Adelaide Bank, along with other institutions, has long supported a reset of Australia’s competitive landscape in financial services to ensure a level playing field between major and non-major banks.
This competitive imbalance in the financial sector has been recognised by various independent reviews including the Productivity Commission in its 2018 report ‘Competition in the Australian Financial System’.