CUA warns against red tape burden
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.