September
- Exclusive
- Big four
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.
- Jonathan Shapiro and Lucas Baird
August
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.
- Updated
- Hannah Wootton
- Exclusive
- Big four
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.
- Lucas Baird
July
- Analysis
- Big four
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.
- Updated
- James Eyers
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.
- James Eyers
- Opinion
- Chanticleer
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.
- James Thomson
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”.
- James Eyers
June
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”.
- James Eyers
APRA chairman: I won’t be winding back the regulatory clock
John Lonsdale hit back at CEOs seeking relief, declaring current APRA restrictions as deliberate and appropriate, in a speech at an ABA event on Wednesday.
- James Eyers
- Opinion
- Banking products
Small bank targets a niche product the big four have long neglected
Enthusiasm about the challenge from neobanks to the banking sector has come and gone, along with several start-ups. But Avenue Bank has its own plans.
- Jennifer Hewett
APRA objects to small bank claims on ‘same’ regulation
The Customer Owned Banking Association says its members are ‘regulated in the same way’ as listed banks. APRA says that is false ahead of a new inquiry.
- James Eyers
Westpac to follow CBA by dumping Hayne-era bonus caps for bankers
Westpac chief executive Peter King said he was “considering our approach to ensure we remain competitive and keep the best bankers”.
- Lucas Baird and James Eyers
KPMG launches radical overhaul, cuts 200 senior jobs
KPMG Australia will overhaul its consulting business to focus on tech-related advisory and software installation as part of an $80 million cost-cutting exercise that will include cutting about 200 roles at the firm.
- Edmund Tadros
May
Inside the unstoppable rise of Australia’s mortgage brokers
They’re wealthy, brash and eating the banks’ lunch. Meet the millionaire mortgage brokers taking on the major lenders and – for now – winning.
- Karen Maley
Why former APRA exec Geoff Summerhayes is targeting reverse mortgages
The product, shunned by major banks, lets retirees release equity from their homes to top up retirement income. Heartland wants to grow its $1.7b book.
- James Eyers
The future of financial advice is digital – and human
AI-powered apps are touted as a big part of the solution to providing affordable financial advice en masse, but winning people’s trust is a key challenge.
- Joanna Mather
ANZ wants to revisit Bank@Post deal amid scrutiny of branch closures
It is the only major bank not to allow customers to access services through Australia Post. Rural branch closures will be a focus of a Senate report this week.
- James Eyers
April
ASIC chairman ‘very disturbed’ about CBA’s bonus move
Joe Longo said he had raised concerns about CBA’s breach of bonus caps directly with the bank’s chairman Paul O’Malley and urged the bank to reconsider.
- James Eyers and Lucas Baird
CBA dumps bonus limits to fight Macquarie on mortgages
The bank will dump bonus caps agreed in the shadow of the Hayne royal commission as it tries to stem market share losses to rival Macquarie.
- James Eyers
Widow claims dodgy NAB advice voided $400,000 in life insurance cover
The case revives a central issue raised during the financial services royal commission – vertical integration of banking and financial advice.
- Lucas Baird