banking

Funds management

Work ahead for big four banks in 2021

While the major banks have been resilient and avoided a worst-case scenario by holding strong balance sheets during the economic downturn, they still have “a big job” ahe...

Financial planning

ABA announces temporary code changes

The Australian Banking Association has announced two temporary changes to the Banking Code of Practice, which have been approved by the corporate regulator....

Policy & Regulation

FSU asks for member compliance in NAB investigation

The Finance Sector Union of Australia is asking NAB employees to assist in the audit of their pay, to correct the bank’s failure to remunerate staff....

Financial planning

Bendigo and Adelaide Bank small business contract terms declared unfair

The terms were declared unfair by the Federal Court of Australia as they caused a significant imbalance to the parties’ rights and obligations under the contract and woul...

Financial planning

Royal Commission commitments deferral welcomed

While industry associations have welcomed the six-month deferral, they have called for the Government to be open to reviewing the timeline given the uncertainty of the CO...

Policy & Regulation

Choice praises 'sensible balance' of RC deferral

The consumer group said the deferral struck a "sensible balance" between legislating reform and dealing with the pandemic....

Financial planning

ME Bank scrambles in face of redraw reduction controversy

Hard-pressed industry funds bank, ME Bank, is offering clients financing rearrangements and a six-month repayment holiday as it scrambles to deal with the controversy aro...

Policy & Regulation

No loopholes, no carve-outs insist coalition of consumer groups

A coalition of consumer groups has pointed to key changes to advice and life insurance resulting from the Royal Commission and insisted on no loopholes and no carve-outs....

Financial planning

Property sector and investors benefit from banking transformation

Australia’s banking sector has created opportunities for both borrowers and investors but they need to recognise how to tap these opportunities, according to Metrics....

Policy & Regulation

Banks and financial services firms face trust issue

Banks and financial services firms have been revealed as having major consumer trust issues with new Roy Morgan research revealing that only Bendigo and Adelaide Bank and...

Financial planning

Banks urged to show leniency on grandfathering loans

The Association of Financial Advisers has urged banks who loaned money to advisers to buy books of clients to show leniency....

Policy & Regulation

APRA strengthens rules to combat banking contagion risks

APRA has finalised updates on the Prudential Standard APS 222 to reduce contagion risk within banking groups....

Funds management

Remediation costs weigh on profits at Commonwealth Bank

Commonwealth Bank has reported a 28 per cent fall in third-quarter cash profit from continuing operations of $1.7 billion as a result of $714 million in customer remediat...

Funds management

Macquarie feels loss of financial services fees

Macquarie Group recorded net profit for the European financial year to March’s end of $2.982 billion, up 17 per cent on FY18, with a loss in fee income offsetting modest ...

Financial planning

NAB insists fees for no service a “process issue”

NAB chief executive, Andrew Thorburn, has defended some fees for no service charged by the bank as a “process issue” rather than dishonesty, as he came under fire at the ...