Mortgage lender Firstmac has called for the removal of finance sector ownership rules that preclude some non-bank financial institutions from applying for banking licences.Firstmac has a loan portfolio of A$5 billion and has funded loans worth $11 billion since 2002.However, it cannot apply for a licence to operate as an authorised deposit-taking institution because the Financial Sector (Shareholdings) Act limits shareholdings of an individual shareholder or group of associated shareholders in an ADI to 15 per cent of the ADI's voting shares.In its submission to the Financial System Inquiry, Firstmac said it had developed from being a wholesale funder of home loans to a financial services company with a retail brand and a funds management business.It said: "The most natural progression for the Firstmac Group is to transition to an ADI. This would not only place Firstmac on a more equal footing with its market competitors but would also deliver to the consumer the benefits of greater deposit price competition, product innovation and service."