The financial crisis has highlighted the importance of financial consumer protection for the longterm stability of the global financial system. Rapid increase in the use of financial services brings into sharp salience the need for strengthened financial regulation and consumer education to protect and empower consumers. Consumer empowerment is a central goal.
This is where the broader governance arrangements now in place need to take into account the interests of users and the need for the system to be open to competition, not just the interests of the existing players. We – the industry and the Reserve Bank itself – are building a piece of national infrastructure.