Who needs to take the first step to rein the banks in here?
MN: The regulators are inept because they look at it from a system-risk perspective as opposed to a consumer perspective. LC: The government guarantees virtually eliminate the risk. MN: Yes. Our banks are well positioned at the moment. But there is very little focus from a consumer perspective. There is no bank that’s thinking of building their business to benefit their customers. LC: So are you saying that the change needs to come from the ground up; that consumers have to lose their apathy and start demanding change? MN: Exactly. Consumers could save several hundred dollars a year by looking at their fees and charges and talking to some of the smaller players who have considerably better propositions. So firstly, there has to be a groundswell of consumers refusing to accept this anymore. Then there’s a role for government. I’m not a great believer in massive intervention but we need more than just another inquiry. Then I think if I was a shareholder in a bank I’d want to have a conve
