CUIA general manager Adrian Lovney accused some vendors of using survey to try to create a market for compliance solutions.

He said the association is "extremely disappointed" at a survey released by IT service provider Attain IT which claims only half of 185 respondents surveyed at an Australasian Credit Union Institute conference are ready to meet Basel II requirements.

Lovney pointed out that not all compliance procedures have been finalized. For example, he said the prudential standard changes to the existing APS112 (Credit Risk) and the new APS114 (Operational Risk) for authorized deposit taking institutions (ADIs) using the standardized approaches under Basel II are not yet finalized.

"Some parts of the framework have not yet been released [therefore] no ADI in Australia could currently claim to 'have a policy to meet the requirements of Basel II', simply because the framework has not yet been finalized," Lovney said.

He said the Attain IT survey suggests a lack of industry preparation, which is ridiculous and exists only to "benefit the vendor-driven market".