60% of Australians don’t trust financial advice from the Big Four banks

Rebeccah Elley

Friday 22 August 2014

A poll of more than 1000 Aussies by Essential Research has found 60% of Australians don’t trust financial advice from the Big Four banks and 86% want more transparency on rates and fees.

The findings also showed 54% of Australians want more competition in the banking market. Customer Owned Banking Association CEO Mark Degotardi suggested the big four banks market domination was partly because they play under rules that are unfair to other competitors.

Whether it’s finding a fee-free bank account or a home loan with flexible options and low fees, Mozo advises Aussies to take finances into their own hands by regularly reviewing the banking market and switching accordingly.

The Essential Research report comes as the Financial System Inquiry (FSI), which will establish a direction for the future of Australia's financial system, completed public hearings around the country this week.

Degotardi said the findings showed people are confused and uncertain about the banking products they are investing in and the advice they are getting. “As Australians drop the kids off, do the shopping or go to work, they probably don’t think much about the FSI.”

“But this inquiry is going to set up the rules for our banking sector for the next 10-15 years so it is vital that consumer views are taken into account.”

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