A speech by John Price, Commissioner, Australian Securities and Investments Commission, 2015 Customer Owned Banking Convention(Darwin, Australia), 21 September 2015
Introduction
Good afternoon, ladies and gentlemen. It鈥檚 a pleasure to be invited to speak at this year鈥檚 Customer Owned Banking Convention here in Darwin.
I鈥檝e been at ob体育 since around the time when financial institutions 鈥� including credit unions, building societies and friendly societies 鈥� transferred from the previous state supervisory regimes to Commonwealth regulation and supervision.
Over the last 15 years, ob体育 has enjoyed a productive and cooperative relationship with the mutual banking and friendly society industry. Nowadays, ob体育 and your industries interact primarily through regular liaison between ob体育鈥檚 Deposit Takers, Credit and Insurers stakeholder team and the Customer Owned Banking Association (COBA), but ob体育 also welcomes one-on-one engagement with individual entities where the need or desire arises.
I believe that what ob体育 said 15 or so years ago about your industry remains a true reflection of your industry today 鈥� that is, your presence in the Australian market today reflects a long history distinguished by the core values of mutuality, cooperation and self-help.
ob体育 recognises that you are subject to the same high standards of prudential regulation by APRA as your publicly listed counterparts. We recognise that the mutual banking and friendly society industries are diverse in size and location, in products and services, and in your customers鈥� (your owners鈥�) expectations about your roles and responsibilities. We acknowledge that you are designed and run for the benefit of your members.