February
Banks lashed for breaking Hayne-era bonus caps
The house economics committee has called on CBA to reverse last year’s decision to lift bonus caps, which threatened to unwind hard-won gains from the inquiry.
Anna Bligh to retire as boss of banking lobby group
The former Queensland premier took up the job as the industry’s peak lobbyist in the midst of a damning financial services royal commission.
January
How 750,000 retirees are missing out on $850 a year
They are exposed to more than $635 million in extra tax annually due to confusing and ill-fitting laws that cover superannuation, Mercer says.
December 2024
Shayne Elliott gives up $3m in bonuses as ANZ cops first pay strike
Shareholders have handed the bank its first strike against remuneration in six years, furious about the handling of the crisis engulfing its trading floors.
ASIC sues HSBC Australia over slow scam response
ASIC claims some customers of the international bank lost $90,000 due to scammers, after warning it of suspicious activity on their accounts.
Architect of Murray inquiry says banks can be agents of growth
David Murray is still railing against a “one-size-fits-all approach” to governance, which he says has forced banks to drop gas clients and let private credit sneak in.
Banks, insurers told to work harder to prevent financial abuse
A committee chaired by Labor senator Deborah O’Neill has tabled 61 recommendations to reduce the insidious practice.
ASIC slams insurers for gaping holes in complaints systems
“We are extremely disappointed with what we found here,” ASIC commissioner Alan Kirkland said, putting IAG, QBE and Suncorp on notice.
November 2024
Chalmers sells intervention as economic salve
The US may have a different culture, but its politics still provide a recent lesson in the electoral risks of rural voters feeling ignored by governments or left out of services.
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.
Cbus puts super sector on the edge of a systemic scandal
The banking royal commission taught us seemingly innocuous problems can have huge ramifications. The super sector may be about to learn that lesson.
October 2024
BoQ under investigation for charging fees to dead customers
The regional lender is being investigated by the industry’s oversight body in a throwback to the findings of the financial services royal commission in 2018.
September 2024
APRA repeatedly warned ANZ on risk and culture failings, letters show
Confidential correspondence shows the regulator told executives almost two years ago that it was “not yet apparent” who would deliver a risk overhaul.
August 2024
Insignia shares sink after ‘disappointing’ dividend pause
Delivering his first full-year results as CEO, Scott Hartley said the dividend freeze was needed to strengthen the balance sheet amid remediation costs.
NAB dumps Hayne-era bonus caps
The bank emailed staff on Thursday, informing them of the change, meaning its bankers can earn bigger bonuses linked to writing new business.
July 2024
Could ANZ’s trading scandal trigger executive accountability laws?
ASIC declined to say whether its ANZ investigation involved the Financial Accountability Regime. But an ANZ update this week was speaking the language.
Booming Cash Converters revenues point to squeeze on the poor
The ASX-listed pawnbroker told investors the increase was partly tied to “mainstream finance” being “more difficult to access” for many of its customers.
The CFMEU can’t fix itself – just ask the banks, casinos and PwC
If union and Labor leaders really want to win back trust in the CFMEU, only an independent and transparent inquiry into the union will do.
ANZ lashed for charging fees to dead people
The Banking Code Compliance Committee said deficiencies in the bank’s compliance frameworks for dealing with deceased estates were “deeply concerning”.
June 2024
ASIC warns banks not to become complacent with new code
ASIC has approved a new Banking Code of Practice, but chairman Joe Longo says lenders must be alive to the dangers of “apathy, complacency and backsliding”.