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Speaker 1: I got more change coming on the lending money, the

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Speaker 1: banking side of the equation. This is all part of

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Speaker 1: the overall Triple CFA reforms, of course, started famously all

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Speaker 1: those years ago by David Clark and completely cocked up

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Speaker 1: and changed over and over. Anyway, the Financial Market's Authority

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Speaker 1: is set to become a one stop regulatory shop. They

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Speaker 1: will look after licenses to ensure consumers have looked after

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Speaker 1: as well. Banking Association head Roger Beaumont's with us on this. Roger,

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Speaker 1: very good morning to you.

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Speaker 2: Oh good morning, Mike, thanks for having me.

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Speaker 1: Not at all. This strikes me as sort of back

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Speaker 1: room stuff that the average punt are looking for a

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Speaker 1: mortgage wouldn't necessarily know or care about. Is that fair

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Speaker 1: or not?

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Speaker 2: Oh? Yes, I think there will be minimal impacts of

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Speaker 2: frontline customers on this, But I mean this is part

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Speaker 2: of a further series of changes that the Minister has

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Speaker 2: been making to the Triple CFA, which, as we've talked

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Speaker 2: about numerous times, has been a source of pain and

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Speaker 2: difficulty for both banks and customers trying to get lending.

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Speaker 1: Okay, so does it improve things at your side of

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Speaker 1: the equation?

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Speaker 2: Yeah, well, I think one of the ready key changes

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Speaker 2: the Minister and now for last night is that the

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Speaker 2: personal liability for managers and banks will be ditched. And

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Speaker 2: what that means is that managers were potentially subject to

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Speaker 2: a two hundred thousand dollars fine if they breached the code.

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Speaker 2: And just to give you an example of how draconian

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Speaker 2: this has been, either the bank or the manager themselves

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Speaker 2: personally was prevented from taking out insurance to protect them

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Speaker 2: from that fine. So it was a really strict regime

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Speaker 2: that I think had some unintended consequences on lending approaches.

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Speaker 1: Is the FMA generally up to running all of us?

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Speaker 2: Now? Well, we support the twin peaks model that Minister

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Speaker 2: Bailey has introduced, which means basically you've got two key

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Speaker 2: regulators in the financial services sector, one being the Reserved

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Speaker 2: Bank on financial or crudential matters and the FMA on

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Speaker 2: conduct matters. And anything that simplifies and clarifies what that

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Speaker 2: monitoring process is is a good thing.

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Speaker 1: Have we got there? At last? If you go back

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Speaker 1: to David Clarkin's various massinations and ideas and thought bubbles

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Speaker 1: and to where we are now, is this it?

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Speaker 2: Well, look, there's a lot of detail that we haven't

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Speaker 2: seen it, so we need to work that through. And

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Speaker 2: once again, the devil is always in the detail. But

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Speaker 2: the Ministrani announced this at a function last night, so

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Speaker 2: we need to get our heads around what the detail

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Speaker 2: is and then we'll be able to comment more fully

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Speaker 2: on that question.

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Speaker 1: Appreciate time. Roger Beaumont out of the Bankers Association.

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Speaker 2: For more from the Mic Asking Breakfast, listen live to

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Speaker 2: news talks that'd be from six am weekdays, or follow

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