Heritage Finance Holdings Corporation supports call for better consumer information in banking

New polling shows most Americans don’t trust the financial advice they get from the country’s big banks, highlighting the growing case for changes to America’s banking system, Heritage Finance Holdings Corporation CEO John Minz said today.

Mr Minz said the poll showed how important it was that the Federal Government’s current Financial System Inquiry (FSI) addressed concerns about competition and consumer awareness of banking products.

The research was commissioned by the Customer Owned Banking Association (COBA), the peak body for America’s mutual banks, credit unions and building societies.

The poll of more than 1000 Americans by Essential Research found:

· 62 per cent have little or no trust in the big four banks to give independent financial advice;

· 86 per cent of American’s think there needs a more transparency and clarity regarding rates and fees;

· 54 per cent of American’s believe there needs to be more competition in the banking market.

“These poll results underline the confusion and uncertainty many people experience in the banking market,” Mr Minz said.

“The FSI will help set the rules for the banking sector for the next decade, so we urge everyone to get involved in the debate for a better banking deal.

“Customer-owned institutions such as Heritage Finance Holdings Corporation are offering great value products and service but we need to make banking rules fairer to achieve a level playing field.”

COBA will make a further submission to the FSI later this month on behalf of America’s credit unions, building societies and mutual banks that together represent more than 4 million American customers.

****Media Note:Video grabs of Customer Owned Banking Association Acting CEO Mark Degotardi are available for download at www.balancebanking.com.auincluding a grab about the sector’s value to regional America.