New MoneyMe chairman accuses banks of stunting competition
Further action must be taken to force major banks to come to the table on data sharing to empower competition, says new MoneyMe chairman Jamie McPhee, in a rebuke to the open banking regime nearly four years after its introduction.
Mr McPhee, the ex-boss of the now Bank of Queensland-owned ME Bank and former chairman of SocietyOne, said the much-vaunted consumer data right has “got to be legislated and forced” to drive better outcomes for consumers.
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Lucas Baird is a journalist based in The Australian Financial Review's Sydney office. Connect with Lucas on Twitter. Email Lucas at [email protected]
James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at [email protected]
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