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Banking oligopoly won't elude Australia's competition regulator, top ACCC official says

By James Panichi ( February 9, 2018, 03:05 GMT | Insight) -- Australia’s top competition regulator, Rod Sims, has rejected suggestions the country needs a regulatory champion to take on a banking system dominated by the country’s largest four banks, arguing that the Australian Competition & Consumer Commission already has both the mandate and the resources to assess competition among lenders. But Sims also said that a recent report had been right to suggest regulators have favored stability over competition in the banking system.Australia’s competition watchdog has hit back at suggestions the country requires a regulatory champion to take on the banking system, with top official Rod Sims saying he already has both the mandate and the resources to assess the financial services sector, which is dominated by four big lenders....

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