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Hayne fallout

June

Westpac said it wants to resolve a case brought by ASIC over failes at RAMS as quickly as possible.

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 visiting a branch in Bourke Street, Melbourne, earlier this month.

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.

Macquarie Bank  CEO Shemara Wikramanayake.

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.

Insignia Financial boss Scott Hartley on Wednesday said he remained “focused on ensuring the best outcome for shareholders”.

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Bain Capital has withdrawn its bid for MLC-owner Insignia Capital, citing uncertainty caused by the volatility on global markets, leaving just one suitor at the table.

ANZ boss Shayne Elliot says a safer banking system is a less dynamic one.

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.

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April

Andy Schmulow NSW senate candidate in the Federal 2025 Election.

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.

Mike Hirst doesn’t seem to rate AMP’s reputation highly.

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

CBA shifted an emergency mobile “bank in a box” from Townsville to Brisbane on the back of a semi-trailer this week.

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.

Australian Banking Association chief executive Anna Bligh is retiring.

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

Mercer said the legislation surrounding when and how trustees can contact members were confusing and needed modification.

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

ANZ chief executive Shayne Elliott.

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.

HSBC.

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.

David Murray at the Centre for Independent Studies in Sydney on Tuesday.

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.

People walking past a row of ATMs belonging to the four big banks.

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.

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ASIC raised major concerns about how insurance companies handle complaints.

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.

Issues which once stopped with the CEO or the chair now engulf the whole board.

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.

The growing power of the super sector raises some big questions.

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

“This is not unique to BoQ – these are industry-wide reviews in relation to deceased estates,” chief executive Patrick Allaway said.

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.

Original URL: https://www.afr.com/topic/banking-royal-commission-fallout-1mpa