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Finance Sector Royal Commission – Ai Group Comment

"The Royal Commission into allegations of wrongdoing in the Finance Sector is an important opportunity to address community concerns with aspects of behaviour, practices and the culture in parts of Australia's financial services sector," Australian Industry Group Chief Executive, Innes Willox, said today.

"It is critical that the Royal Commission recognises that a competitive and vibrant financial services sector is central to the workings of a dynamic commercial economy and that the regulation of the sector is effective without adding unnecessarily to the costs of providing these services.

"At the same time, it is also critical that there is a high degree of confidence in the performance, stability and conduct of our financial service organisations. This, in turn, requires that customers and businesses alike are treated fairly and transparently.

"Ai Group recognises the importance of the reputation of the banking sector both for the health and performance of the economy and for the well-being of the broader community. This will shape our approach to the Royal Commission which we see as an opportunity to rebuild community confidence in and respect for this important sector," Mr Willox said.

Media enquiries: Tony Melville – 0419 190 347