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.
Bank Inquiry
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.
CBA suspends wealth spin-off
CBA still plans to exit its wealth business, despite bowing to the inevitable and suspending the demerger amid uncertain times.
‘Zero tolerance’ super cleanout
The most powerful voice in the superannuation industry is urging a zero-tolerance cleanout of dud funds.
Reprieve for mortgage brokers
The Treasurer has given mortgage brokers respite on a plan to ban trailing commissions by 2020, opting for a 2022 review instead.
Banks slammed for compo delays
ASIC has accused six major institutions of “unreasonably” delaying probes into fee-for-no-service scandals.
Westpac boss fears credit squeeze in Hayne proposal
Westpac chief executive Brian Hartzer has urged an examination of industry data on business loans of less than $5 million.
CBA checking for more scandals
CBA is checking for “further consequences” from the Hayne inquiry, after paying out $1.4bn for wronged customers.
Treasurer’s super war on activists Treasurer’s super war on activists
The Treasurer has sounded the alarm on financial activism, warning unions are “pressuring superannuation funds”.
Warning on post-Hayne caution
One of the nation’s top business leaders has warned against an overly ‘paternalistic’ approach to managing risk.
Bankers’ pay slashed after bad behaviour
Top bankers at the big four have suffered a sharp drop in pay as heightened scrutiny from the royal commission takes its toll.
‘Enormity’ of NAB’s challenge
Acting NAB CEO uses his first day to tell staff they must focus on customers in the same way that airlines are obsessed with safety.
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.
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.
Labor defends broker backflip
Labor has walked back from a commitment to implement all of the banking royal recommendations in full.
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.
Court action urgent: ASIC chair
James Shipton warns the regulator has an “urgent imperative” to launch court action against large financial companies.
ASIC ‘probing criminal breaches’
Corporate cop ASIC has responded to its bank inquiry bruising, saying it now has almost 40 investigations underway.
Labor moves on bank findings
Bill Shorten has ramped up pressure on the government to ban grandfathered trailing commissions on a faster schedule.
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.
The pride, the fall
The banking royal commission handed Ken Henry his biggest career challenge. He pushed back. But then it was too late.
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.
Original URL: https://www.theaustralian.com.au/topics/bank-inquiry/page/2