Over two pages of your magazine the Financial Services Board (FSB) claims nauseatingly and repetitively throughout their article (Corporate Report, August 25-31) that the following seven ill-defined miracles will be achieved by their new Financial Sector Regulation legislation, better known as the "Twin Peaks" Bill:* Improved access to financial services and products by the poor;* Improved "inclusiveness";* Improved consumer education and protection;* Improved customer "outcomes";* Improved fairness in treating customers;* Improved industry innovation and growth; and* Elimination of "unnecessary" barriers to entry.Not one word is offered about why current legislation does not permit precisely the same extraordinary achievements.Indeed, every one of these marvellous aims was previously claimed for existing legislation when it, too, was introduced. Moreover, the Retail Distribution Review and Treating Customers Fairly regimes are already in place and not in the least bit inhibited by ...
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