Royal commission bank reforms delayed
Regulators have warned banks must ensure they are ready for new banker accountability laws by June 30, extending the deadline by over two months.
Bank Inquiry
Hayne lessons not learned: ASIC
The corporate regulator is concerned financial services companies continue to make the same mistakes as identified by the 2018 Hayne royal commission.
Five years on, and a changed landscape
The financial sector today is a very different place to the industry which faced the Hayne commission in 2018.
‘We needed Hayne to help us change’
For the big banks the experience of going through the royal commission was harrowing, but they believe they are ultimately better for it.
After the Hayne inquiry, where are they now?
Some landed plum jobs, while others are selling gift hampers. Here’s what happened to the main players after the curtain came down on the biggest drama in banking.
Why AMP was ‘significantly hurt’ by banking probe
Top figures from one of the biggest casualties of the banking royal commission, AMP, say the former wealth management giant was ‘significantly hurt’ by the bombshell inquiry.
How the banking royal commission changed everything
In the five years since the final report of the landmark financial inquiry was delivered, the big banks are still finding their way.
Banking compensation surges above $1bn
National Australia Bank leads the pack, with $368m paid for its fees-for-no-service misconduct to 54,826 customers.
ASIC drops probe into Thorburn
Former NAB chief Andrew Thorburn has got a ‘no-action letter’ from ASIC after a torrid session in the Hayne inquiry.
CBA unpicks private office unit, cuts jobs
CBA’s unit for ultra-wealthy customers has been dismantled, spurring job losses.
MLC vows to learn
MLC Wealth chief Geoff Lloyd has outlined a new structure that paves the way for a separation or sale by NAB.
Clients to get trailing payments
Banks contractually required to pay trailing commissions will have to pass them on to clients, under new rules.
Banks hit back on regulation
Banks have started fighting back against the regulatory backlash, declaring it has resulted in a cut-back in loans.
Jailing bankers ‘not a priority’
ANZ boss Shayne Elliott says regulators should put a “fully-functioning financial system” ahead of jail for bankers.
Banking ‘headed back to 70s’
An avalanche of “black letter law” is taking Australian finance back 40 years, AMP chair David Murray says.
Alarm as Coalition dumps Hayne
Consumer groups are alarmed as the government walks away from recommendations of the banking royal commission.
ASIC chalks up hefty legal bill
ASIC tallied up an eight-figure legal bill in the financial services royal commission, although it was outspent by the major banks.
AMP scraps bonuses, cuts pay
Chairman David Murray is taking a pay cut as embattled AMP scraps short-term bonuses and cuts directors’ fees.
IOOF facing class action
A class action will allege wealth manager IOOF failed to tell shareholders about possible breaches of super laws.
CUA ‘absorbs rising costs’
Credit union CUA has contrasted itself to banks and says it took a hit to profits rather than pass higher costs on to members.
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