Hayne fallout
‘Serious failure of corporate governance’: Former CBA subsidiary fined $1.71m after charging dead people fees
A total of 499 dead members were charged almost $700,000 in adviser service fees by Avanteos Investments Limited.
- by Simone Fox Koob
Latest
‘Outrage and mania’: Former NAB chair Ken Henry slams business leaders, politicians
Ken Henry has revealed a litany of failures at the bank while delivering a scathing assessment of Australia’s stakeholder capitalism.
- by Charlotte Grieve
What will happen to house prices after the election?
After the 2019 federal election, house prices lifted. This time, a downturn is far more likely, with interest rate rises predicted to hit mortgage holders.
- by Melissa Heagney
Opinion
Big four
Mary of the quiet generation demands to be heard as banks close doors
As branch closures accelerate, a generation of bank customers is left behind and forgotten. Here is one member of the quiet generation who won’t stay silent.
- by Tony Wright
Property sales to foreigners down as new type of buyer emerges
New figures have revealed foreign home buyer numbers are down, but those who were buying were most likely to stay in Australia.
- by Melissa Heagney
Updated
Westpac Banking Corporation
Westpac’s King vows to ‘stay the course’ as bank faces $113m in fines
Westpac chief executive Peter King has vowed to deal with widespread compliance problems by pushing ahead with a cultural overhaul.
- by Clancy Yeates
CBA to plead guilty over criminal charges for junk insurance
CBA will plead guilty to criminal breaches of the law and is facing a hefty fine over an insurance scandal exposed at the royal commission.
- by Clancy Yeates
Fines and penalties still part of ASIC’s arsenal, new deputy warns
ASIC has been criticised for pursuing unsuccessful litigation, including the now-infamous ‘wagyu and shiraz’ case over Westpac’s responsible lending laws. But new deputy chair Sarah Court says the stick approach will continue to be relevant.
- by Charlotte Grieve
AMP avoids criminal action over ‘fees for no service’ scandal
The corporate watchdog has ruled out criminal action against the wealth manager over one of the biggest scandals uncovered at the banking royal commission.
- by Clancy Yeates
‘Unconscionable’: ASIC sues AMP for charging thousands of dead customers
The wealth giant has been hit with a lawsuit by the corporate regulator over allegations related to its charging of dead customers for life insurance and advice fees.
- by Charlotte Grieve
Opinion
Big four
Big four bank CEO grilling has lost its sizzle
The latest round of questioning of the big four bank CEOs was a blunt reminder that these hearings have lost their punch.
- by Clancy Yeates