For a variety of reasons, professionalism has never been formally instituted in the Australian banking industry. This is not to suggest that bankers over the years have not viewed themselves as professionals. Rather, the formal structures that underpin and support professionalism have never been put in place. When they have, the approach has been piecemeal. Without these structures, the full benefits that professionalism can deliver are never realised.
And the benefits associated with professionalism can be significant. Properly instituted it can reduce the burden of regulation and government oversight, improve consumer outcomes, and enhance the reputation of the industry and its practitioners. Over time, the trust this elicits drives enormous benefits, both economic and social.
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