The Customer Owned Banking Association has again called for a crackdown on what it calls "misleading and confusing banking information given to consumers", this time in its submission to the Competition Policy Review.In comments made in support of the submission, COBA chief executive Louise Petschler said "the true identity and regulatory status of the entity [consumers deal with] … does not always apply in the financial services market [where] major banks hide behind sub-brands that look like regional banks or non-banks, 'shadow banks' pose as regulated banking institutions, and brokers may not be on the customer's side." COBA also said it preferred the ACCC's views to the ASIC approach to major bank multi-branding, arguing a tougher stance is needed. "The ACCC is cracking down on big companies that portray themselves as small businesses because this practice misleads consumers and is anti-competitive," Petschler said. In her view, ASIC "appears complacent" about addressing major bank sub-brands, such as Bank of Melbourne and Aussie Home Loans,  by not launching a campaign against the practice in banking. COBA's recommendations to the Competition Policy Review are to come up with ways to:•    empower consumers to exercise real choice through strong and effective disclosure regimes; •    remove structural impediments to competition, such as the implicit taxpayer subsidy enjoyed by the major banks; •    provide a competitively neutral framework to accommodate different business models; •    increase vigilance about risks posed by large, vertically integrated players; and •    increase the emphasis on promoting competition in the objectives of regulators such as APRA and ASIC. COBA argued that "these measures have some urgency because Australia has the most concentrated banking sector of any G20 country and is home to four of the eight most profitable banks in the world."One option favoured by COBA was for a levy to be imposed on the major banks "to reduce their unfair funding cost advantage." This funding cost advantage was said to be worth $2.5 billion by Morgij Analytics or as high as $5.9 billion to $7.9 billion, according to regional banks' estimates.However, said COBA, the levy "need only apply while major banks enjoy a credit rating uplift due to an implicit guarantee" that they are too big to fail.