June
Westpac sued by ASIC over ‘systemic’ failures at RAMS
The corporate regulator said the lender suffered a major governance failure by not adequately supervising franchisees, who forged documents to write loans.
May
ANZ CEO Nuno Matos on his plans for a cultural overhaul at the bank
Staff who don’t understand the fundamental importance of risk controls should find another industry to work in, he says.
This is the biggest test for Macquarie since the GFC
It is critical the board does not underplay the huge cultural turnaround that the bank must confront, which could prove tougher than the post-GFC rebound.
Doomed $3.4b Insignia bid shows how whipsaw markets kill buyout deals
Bain Capital has withdrawn its bid for MLC-owner Insignia Capital, citing uncertainty caused by the volatility on global markets, leaving just one suitor at the table.
Banking’s era of turmoil is over. What comes next should worry us all
Outgoing ANZ boss Shayne Elliott says ANZ is a safer, better bank than when he started a decade ago. But he admits safer banks are not necessarily better for the country.
April
Why this PwC and big bank agitator is running for the Senate
Law academic Andy Schmulow has had enough. Big companies are too powerful and corrupting democracy, he argues. And he wants to ask them the hard questions.
AMP rates its own reputation among the worst
From Qantas to Rio Tinto to ANZ to Optus, AMP’s board must have a dire view of the company AMP keeps in terms of public standing.
March
Banks deploy mobile branches, generators to cyclone zone
Major banks have sent mobile banking units powered by their own diesel generators to Brisbane, after Armaguard halted cash deliveries to ATMs due to high winds.
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.