An idea to get bank profits down without needing an inquiry
An idea to get bank profits down without needing an inquiry
8 November 2022
Jacinda Ardern is telling banks to consider their social licence to operate, after ANZ announced a record profit of 2.3 billion dollars, and Westpac more than a billion.
The Government says the Commerce Commission won't be called in to take a look.
Simplicity Founder Sam Stubbs says we could try open banking - used in other developed nations - where books are opened to a financial provider, allowing easy comparisons.
He says it means people could effectively transfer their bank account wherever they want, which would stimulate competition and get prices down.
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