Industry super renews bank bash
Not-for-profit funds have revived a TV ad attacking bank fees, as they seek to capitalise on their super rivals’ inquiry battering.
Bank Inquiry
‘Sorry I don’t know the detail’
Financial Services Council CEO Sally Loane’s lack of knowledge of insurance codes is exposed in an excruciating session.
Suncorp escaped with wrist slap
Suncorp fined just $43,800 after going ahead with misleading insurance ads in wake of Wye River fire despite ASIC probe.
Insurance claim horror stories
Two storm victims have told the royal commission of the “shambolic” response of insurer Youi to their damage claims.
IAG shrugged off cover concerns
IAG refused to cut bonuses tied to the sale of junk insurance through car yards because of fears it’d lose market share.
Peter Kell quits as ASIC deputy
ASIC deputy chairman Peter Kell will leave the watchdog in December, despite having his term extended until next May.
AMP bills dead people for cover
AMP continues to charge dead people for life insurance even after it has been notified of a customer’s death.
Payout for NAB’s Hayne casualty
Andrew Hagger, the bank inquiry’s biggest scalp so far, will leave NAB with a redundancy sum of up to $796,000.
Beware royal commission fatigue
Kirby & Kohler recoil from the bank inquiry’s horror stories, measure up Myer and mark 10 years since GFC. 🎧
Freedom hit in inquiry’s wake
Freedom Insurance shares sank amid doubt about earnings following an overhaul unveiled during the bank inquiry.
CBA lied to cover up life claims
CBA denied the life insurance claim of a customer who suffered a heart attack and misled the ombudsman about its action.
Health boss tips APRA scrutiny
Defence Health chief Gerard Fogarty says the regulator is likely to focus on sectors it oversees with “far more gusto”.
Insurers ranked for delays, claims
The worst life insurance companies for handling claims have been ranked for the first time by the royal commission.
Freedom used every trick
Freedom Insurance deployed every trick in the book to hold on to each dollar it siphoned from its unsuspecting victims.
PM sorry for lack of bank penalty
Scott Morrison expressed his ‘regret’ yesterday at holding off from calling a royal commission into the financial services sector.
CBA claim denial, then cover-up
CommInsure denied a heart attack victim’s claim using outdated medical definitions, then covered up advice from a doctor.
Funeral cover staff mocked dad
A father trying to cancel a Freedom funeral policy wrongly sold to his disabled son was called a “bloody whinger”.
Travel sites told where to go
Rod Sims’ backing of Dick Smith’s campaign against global travel websites lets big firms know the game has changed.
Class actions won’t fix anything
Clogging the courts with class actions won’t alter bank behaviour. Instead we need to get tougher laws through the Senate.
‘He didn’t understand’
It’s the evidence which sickened royal commission watchers to the stomach: the abhorrent cold call pushing insurance on a man with Down’s syndrome | LISTEN
Super savers ‘owed over $1bn’
Planned class actions will aim to recoup “exorbitant” bank super fund fees and money lost to uncompetitive cash interest rates.
NAB moves on mortgage brokers
NAB has become the first of the major banks to announce changes to how mortgage broker commissions are calculated.
Insurer failed to curb breaches
ClearView admits it “never prioritised compliance” and failed to discipline managers who intentionally broke the law.
‘ASIC needs to be tougher’
A parliamentary committee has blasted ASIC for letting the banks off ‘scot-free’ and failing to crack down on systemic failings.
Insurance tactics face scrutiny
Lucrative deals between big underwriters and local companies that operate high-pressure call centres are in the firing line.
NAB in fees-for-no-service suit
ASIC has launched action against NAB over the group’s super fee-for-no-service scandal but has criminal wrongdoing.
Order forces insurer overhaul
Life insurer Freedom is reviewing its business model after an ASIC clampdown, and ahead of a bank inquiry appearance.
‘Liar loans’ on wane with Hayne
The bank inquiry has achieved in a few months what regulators have been seeking for years — a clean-up in mortgage lending.
Fee breach hammer about to fall
ASIC’s first case in a looming crackdown on fees for no service is set to be up and running before the end of this month.
Bankers still don’t get it
Regulator says banks aren’t getting the message on massive pay for executives.
Original URL: https://www.theaustralian.com.au/topics/bank-inquiry/page/12