CUA warns against red tape bur­den

The Courier-Mail - - BUSINESS - LIAM WALSH

CUA, Aus­tralia’s largest cus­tomer-owned lender, has joined other bank­ing in­sti­tu­tions in com­plain­ing about the weight of reg­u­la­tion on smaller fi­nanciers.

“The im­post of reg­u­la­tion has gone through the roof,” CUA’s out­go­ing chair­man Alan Bean­land told the Bris­bane-based fi­nancier’s AGM yes­ter­day.

He cited reg­u­la­tion and the rapid pace of tech­nol­ogy change as on­go­ing chal­lenges.

“The bur­den of this reg­u­la­tion is in­creas­ingly and dis­pro­por­tion­al­ity borne by small to medium-sized or­gan­i­sa­tions like CUA,” he said.

Among reg­u­la­tions cited was the in­com­ing Bank­ing Ex­ec­u­tive Ac­count­abil­ity Regime, which will in­clude pay re­stric­tions on cer­tain staff and the cre­ation of maps of ac­count­abil­ity.

CUA’s full-year prof­its rose 8 per cent to $56 mil­lion, largely due to a rise in health in­sur­ance earn­ings, while the bank­ing arm’s earn­ings re­treated.

The com­pany plans more tech of­fer­ings, in­clud­ing a new app called iM CUA where cus­tomers can talk with an Aus­tralian-based con­sul­tant out­side of nor­mal busi­ness hours.

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