Today
Cbus board picks show it’s still the good-old CFMEU
The union is being administered by Mark Irving KC. But he doesn’t call all the shots, as shown by the appointment of firebrand Paddy Crumlin to Cbus.
- 19 mins ago
- Myriam Robin
- Opinion
- Governance
Three things directors must learn from a time of scandals
A board director’s job is getting more complex. But they need to maintain their own clear lines of sight into the businesses they oversee.
- Mark Rigotti
Super chiefs risk pay cut for failings: ASIC, APRA
The corporate watchdog has threatened superannuation fund executives with penalties if they do not fix their customer service failings.
- Hannah Wootton
Yesterday
HESTA forced to repay 120,000 customers stranded in poor investments
The prudential regulator said the industry super fund’s deficient procedures left members worse off, including one who was down $17,000 as a result.
- Updated
- Hannah Wootton
This Month
ASIC warns directors could be on hook for super customer failures
The warning came as Cbus CEO Kristian Fok apologised to members but defended the fund’s deep financial links to the CFMEU.
- Hannah Wootton
ANZ creates new roles to fix risk issues
ANZ wants to hire a new risk manager and a head of regulatory relations as it begins the long task of shedding its $750 million capital charge.
- Jonathan Shapiro
ANZ bond scandal hits Shayne Elliott’s bonus, with all staff at risk
The bank’s chief executive said there were clearly “morale” issues in the markets division at the centre of the trading allegations as executives took pay cuts.
- Jonathan Shapiro, Lucas Baird and James Eyers
Sydney house prices fall for first time in almost two years
The slowdown has been a long time coming but strong demand – and lower possible borrowing costs – mean the decline will be shallow, CoreLogic says.
- Michael Bleby
Superannuation start-up pays big for Swans, Hawks footy sponsorships
Superhero’s deals with the clubs come as the prudential watchdog cracks down on such spending by super funds.
- Hannah Wootton
October
- Updated
- Regulation
Borrower claims major private credit firm sent ‘bikies’ to his house
The corporate regulator separately accused Melbourne’s Oak Capital of deliberately avoiding lending rules and making home loans disguised as company loans.
- Updated
- Primrose Riordan and Lucas Baird
Super funds fork out $423m in marketing blitz
Superannuation funds spent millions of members’ retirement savings on marketing, including sponsorships of AFL and NRL clubs.
- Hannah Wootton
APRA reveals $10.8b spending by super funds but rules out blacklists
The regulator considered a blanket ban on funds making payments to unions or advertisers, but decided against it.
- Hannah Wootton
- Opinion
- Chanticleer
APRA’s crackdown on super spending needs a sinner
Judging super funds’ spending on investments should be the easy bit. Good luck making sense of “administration and other costs” that make up more than half of funds’ expenses.
- Anthony Macdonald
- Opinion
- Superannuation
The super system has to brace itself for a tsunami of retirees
Are trustees doing enough to prepare and provide the information, resources, transparency, services and support that retirees expect?
- Simone Constant
APRA to ‘test the limits’ of law on super funds that fudge expenses
The warning is part of a broad crackdown on funds’ spending big on things that may not be in their members’ best financial interests, such as travel and entertainment.
- Hannah Wootton
Labor hints it will not back steep rise in health insurance premiums
Health Minister Mark Butler says insurers seeking premium increases may be asked to “sharpen their pencils” as cost-of-living pressures bite.
- Michael Smith
Banking regulator rejects calls to cut home loan interest rate buffer
APRA chairman John Lonsdale has hit back at the Australian Banking Association at a parliamentary hearing on Friday.
- James Eyers
CBA, Westpac split with other big banks and back borrowing rules
The country’s largest home lenders say that the current buffers, which make it more difficult for first home buyers to access loans, are a prudent safety net.
- Lucas Baird and James Eyers
- Exclusive
- Responsible lending
Calls to reduce 3pc home loan bank buffer test
The Australian Banking Association says more people will be able to access the property market if the prudential regulator is more flexible.
- James Eyers and John Kehoe
Super bosses warned on travel and entertainment spending
APRA says it has observed questionable expenditure by funds where the benefit to members was not immediately apparent.
- Hannah Wootton