Thirty Two Questions and Supporting Evidence    Submission Letter to Royal Commission April-2018   Defined Terms & Documents  

20th Question

Does each of the Four Pillars reducing their low interest credit card by 5% circa amidst the prospect of a Royal Commission, evidence that the Four Pillars that issue 80% of Credit Cards used in Australia, were uncompetitive during the Council of Financial Regulators 'watch', when each of the RBA, ASIC and APRA have regulatory obligations to the Australian public to ensure real competition amongst Credit Card Issuers, in particular the RBA under 'inter alia' Section 10(2) 'Functions of Reserve Bank Board' of Reserve Bank Act 1959 to" best contribute to.......... the economic prosperity and welfare of the people of Australia" and for the Payments Systems Board to always Act in the Public Interest?

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Supporting Documented Evidence re 20th Question

1.         Below is and extract from page 2 of ASIC's "Check Against Delivery" dated 6 March 2018 for the Productivity Commission Inquiry into competition in the Australian financial system: Hearings on draft report:

"Regulatory settings

Finally, I would like to discuss regulatory settings to promote competition.

Competition in financial markets is dynamic and evolving. Ensuring effective competition in the Australian financial system is an ongoing process.

Each regulator has a role to play.

As a starting point, each regulator needs the right mandate and regulatory toolkit to promote effective competition."

2.         Extensive Powers and Responsibilities of the RBA

3.         Too early for banks to pat themselves on the back over credit card changes  -  SMH  - Clancy Yeates  -  29 October 2017