It was with the intention of clarifying some of the issues surrounding banking consumer protection that we recently undertook a comparative study of the practices in the UK, Australia and Hong Kong. The report on this study has been presented to the LegCo Panel on Financial Affairs and has been made available to the general public, and, of course, to the banking sector. The study examines the different approaches to this subject in Australia and the UK, but it notes that, in contrast to Hong Kong, the regulators in both places have been given a specific mandate in relation to the protection of consumers of financial and banking services. Two further major differences between Hong Kong and the overseas regimes are highlighted: first, in the setting, monitoring and enforcement of standards of business practice; and, secondly, in the investigation, resolution, and arbitration of customer complaints. With regard to the former, Australia and the UK both, like Hong Kong, have a non-statutory Code of Banking Practice, which sets the standards. But both Australia and the UK take this a stage further, with the formal monitoring of compliance by a specialist agency, which, in the UK case at least, has the power to impose sanctions against institutions that breach the Code. For the resolution of customer complaints, both the UK and Australia have a formalised Ombudsman scheme, with powers to arbitrate in disputes.
* * * These questions aside, one thing is clear in the case of France – and 2016’s too-feeble growth of 1.1%, as published yesterday, confirms it: estimates from national and international institutions all point to low levels of potential growth, at around 1.2%, and relatively high levels of structural unemployment (the equivalent of the NAIRU in English-speaking countries), at around 9%. Clearly, we cannot be content with these levels. All of which brings us back, overwhelmingly, to our four key focuses for reform: Enterprise, Education, Employment and Expenditure reduction (public sector). Our northern European neighbours have shown by example that these reforms 2/3  BIS central bankers' speeches  are not incompatible with our shared European social model. Studies by the Banque de France show in particular that reforms to the goods and services market could boost the productivity of the French economy by between 3% and 5% in the long-term. Without further ado then, let me pass the floor to Fabrice Lenglart, and I wish you all a fruitful and enjoyable conference. 1 www.banque-france.fr/en/secular-stagnation-and-growth-measurement-conference-organised-banque-de-  france-and-college-de  3/3  BIS central bankers' speeches