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AMP calls for govt banking reform overhaul

by Staff Reporter7 minute read
The Adviser

AMP’s treasurer Guy Morgan personally lobbied the federal government in a bid to help tilt the banking competition package in favour of the non-majors.

In a letter to Treasury last October, Mr Morgan said while reforms were needed in the banking industry, the government’s proposed banking reforms package would negatively impact smaller banks and non-bank players.

The letter, which was released by Treasury earlier this week under freedom of information laws, also said the government would be well placed to extend its AOFM securitisation investment.

When the government announced its banking reforms in December, it announced it would extend the $16 billion AOFM investment program by a further $4 billion, however, Mr Morgan believes this was not enough.

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