PARLIAMENTARY REPORT ON CLERP 6 SEEKS BALANCE Sydney, 15 August, 2000: The Australian Bankers' Association has welcomed the key recommendations in a report from the Joint Parliamentary Committee on Corporations and Securities on the Federal Government's Financial Services Reform Bill. Jeff Oughton, acting Chief Executive of the Australian Bankers' Association (ABA) said: "The banking industry supports the general aim of the Government's Financial Services Reform Bill (CLERP 6) which is designed to enhance the efficiency of the regulatory system and, at the same time, deliver high levels of consumer sovereignty and protection. "We are pleased to see the report from the Joint Parliamentary Committee on Corporations and Securities recognises the important differences between simple financial products like deposits and the more complex investment products, and makes appropriate recommendations to deal with them." "The Committee's recommendations for authorised deposit taking products paves the way for increased flexibility for the regulation of all financial products, without diminishing the protection for consumers in banking and financial system. "Taking on board these recommendations will mean greater efficiency in delivering financial services, and in particular, the deposit taking activities of all banks, building societies and credit unions throughout Australia. "We look forward to continuing to work with the Government to ensure that the Committee's recommendations are incorporated into the final Bill. "Like the Commonwealth Government, the ABA is hoping for the cooperation of all the states in referring power so that Corporations Law is put on a sound constitutional footing." For further information contact: Heather Wellard ABA PR Phone: 02 8298 0411 Mobile: 0409 830 439     Also see our website: www.bankers.asn.au ENDS Sydney, Tuesday, August 15, 2000, 12/00