Bank Inquiry

Financial servicesFinancial Services

Judge gavel, scales of justice and law books in court generic Townsville

CBA hit with another ASIC suit, AMP fined

ASIC has hit CBA with a third lawsuit in two days and slapped AMP with a fine of more than half a million dollars.

financial servicesFinancial Services

Minister for Revenue and Financial Services Kelly OÕDwyer with James Shipton who the Government has nominated as the new chair ASIC at Parliament House Canberra. Minister for Revenue and Financial Services Kelly OÕDwyer announcing that the Government intends to recommend to the Governor-General in Council that Mr James Shipton be appointed as the full-time Chair to the Australian Securities and Investments Commission (ASIC) for a five-year period from 1 February 2018.

ASIC bins three Hayne referrals

ASIC has dumped three Hayne royal commission referrals after the probes failed to reach a prosecution standard.

CommentaryFinancial Services

Commonwealth Bank of Australia CEO Matt Comyn (right) and CFO Alan Docherty prepare to deliver the half year results in Sydney, Wednesday, February 12, 2020. (AAP Image/Joel Carrett) NO ARCHIVING

Comyn rouses sleeping giant

After a Hayne hiatus, Australia’s retail banking juggernaut appears to be reawakening.

LegalFinancial Services

27/04/2018: Generic picture of AMP building, Sydney. Hollie Adams/The Australian

AMP faces third class action

Wealth manager AMP is facing another class action lawsuit that alleges up to 100,000 clients were harmed by its misconduct.

Financial servicesFinancial Services

NAB leads compensation payments

The running total for compensation payments shows NAB ahead of Commonwealth Bank, AMP, Westpac, ANZ Bank and Macquarie.

Financial servicesCompanies

Debra Hazelton (L), Country Head of the Mizuho Corporate Bank, Ita Buttrose, Craig Drummond, CEO of the Bank of America Merill Lynch and Joanna Bushby at the Women In Banking Finance luncheon in Sydney 09/05/2012.

Under fire AMP shuffles board

Wealth group makes more appointments as it moves to head off second strike and possible spill.

ExclusiveFinancial Services

Treasurer Scott Morrison and Prime Minister Malcolm Turnbull at a press conference at Parliament House in Canberra, Thursday, November 30, 2017. (AAP Image/Mick Tsikas) NO ARCHIVING

Fury that lit banking fuse

A rogue backbencher was about to lift the lid on Pandora’s box. Scott Morrison was told to stop him.

RegulationFinancial Services

James Shipton who the Government has nominated as the new chair ASIC at Parliament House Canberra. Minister for Revenue and Financial Services Kelly OÕDwyer announcing that the Government intends to recommend to the Governor-General in Council that Mr James Shipton be appointed as the full-time Chair to the Australian Securities and Investments Commission (ASIC) for a five-year period from 1 February 2018.

Blitz on flawed financial services

An era of stronger regulation and enforcement is set to begin in financial services.

ExclusiveLeadership

20/06/2017: Portrait of Commonwealth Bank chief executive Ian Narev, who is the winner of the business leadership award in the Creative Partnerships Awards. The award recognises the Commonwealth Bank's sponsorship of arts organisations including the Australian Chamber Orchestra, and Narev's personal support for the arts. Photographed in Sydney on Tuesday. Hollie Adams/The Australian

‘I’ve nothing to prove’

Ian Narev speaks for the first time since the royal commission about his role as boss of a troubled CBA.

Health insuranceFinancial Services

Melbourne, Australia - February 23, 2017: Bupa is Australia's second largest private health insurance fund. This is a Bupa office in central Melbourne.

Bupa changes way it pays

Health insurer Bupa says the “quality of customer conversations”, and not sales, will drive how much it pays its staff.

Word on the streetRichard Gluyas

Australian Securities & Investments Commission (ASIC) chairman James Shipton leaves the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Sydney, Thursday, November 22, 2018. (AAP Image/Joel Carrett) NO ARCHIVING

Time for Canberra to cough up

If ASIC’s objective is to put the frighteners up Australia Inc, especially in financial services, it’s not going to come cheap.

National Affairs

Bill Shorten speaks at the official naming ceremony for Australia's newest and biggest cargo ship, Victorian Reliance II (VRII) in Port Melbourne, Sunday, February 24, 2019. (AAP Image/Ellen Smith) NO ARCHIVING

Shorten’s $640m hit on banks ALP risks business backlash with $640m hit on banks

Bill Shorten is set to hit banks and financial institutions with a new levy for a $640 million fund to support victims of misconduct.

National Affairs

Monday 20th February 2019.The Treasurer Josh Frydenberg and the Assistant Minister for Treasury and Finance, the Zed Seselja during a press conference in Parliament House, in CanberraPicture Gary Ramage

Labor defends broker backflip

Labor has walked back from a commitment to implement all of the banking royal recommendations in full.

Banking royal commission

5/2/19: Chief executive of listed mortgage broker Mortgage Choice, Susan Mitchell, speaks out against Hayne recommendations to ban trailing and up front commissions for mortgage brokers. John Feder/The Australian.

Mortgage Choice cuts payout

Broking group Mortgage Choice has cut its dividend as it warned of the impact from uncertainty sparked by the Hayne report.

National Affairs

23/11/2018. ASIC Chairman James Shipton departs the Banking Royal Commission in Sydney after a day of questioning. Britta Campion / The Australian

Court action urgent: ASIC chair

James Shipton warns the regulator has an “urgent imperative” to launch court action against large financial companies.

Banking royal commission

ASIC ‘probing criminal breaches’

Corporate cop ASIC has responded to its bank inquiry bruising, saying it now has almost 40 investigations underway.

Banking royal commission

Australian Opposition leader Bill Shorten speaks to the media during a press conference at Parliament House in Canberra, Tuesday, February 19, 2019. Mr Shorten commented Labor's proposed bill addressing the recommendations of the banking royal commission(AAP Image/Lukas Coch) NO ARCHIVING

Labor moves on bank findings

Bill Shorten has ramped up pressure on the government to ban grandfathered trailing commissions on a faster schedule.

commentAlan Kohler

Banks hope friendly talking robots won’t push consumers’ buttons Banks hope friendly talking robots won’t push consumers’ buttons as call centres disappear

Now that Hayne has basically let the banks off the regulatory hook, attention must turn to where it belongs: customers.

Banking royal commission

Ken Henry on the cover of The Australian's The Deal magazine

I’ll prove the royal commission wrong, Henry vows

Ken Henry was reluctant to step down as NAB chair but in doing so he has satisfied community concerns about accountability.

The DealThe Deal

The pride, the fall

The banking royal commission handed Ken Henry his biggest career challenge. He pushed back. But then it was too late.

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