Business

Banks forced to repay customers $41 million

NAB overcharged 220,000 corporate superannuation accounts a combined $34.7 million, ASIC said.

National Australia Bank has been forced to pay $36.5 million in compensation after the regulator revealed it had ripped off hundreds of thousands of superannuation members and knocked back insurance claims to seriously ill customers.

Banks forced to repay customers $41m

NAB overcharged 220,000 corporate superannuation accounts a combined $34.7 million, ASIC said.

National Australia Bank's wealth arm has been forced to compensate customers $36.5 million, after wrongly charging fees to superannuation customers and incorrectly assessing insurance claims.

QBE Insurance rejects Allianz bid speculation

QBE said on Monday there was "no basis" to speculation it had received a corporate proposal.

QBE Insurance has denied it has received a corporate proposal from German insurance giant Allianz after media reports suggested the two insurers had been in "informal talks" about a potential takeover.

Customers could suffer as bank costs rise

Australia's banks will need to raise up to $130 billion on debt markets in 2017, analysts predict.

Australian banks are predicted to face escalating costs when they borrow up to $135 billion from big investors his year, a trend that could prompt further moves to pass on the extra expense to customers.

Bank shareholders will still win this year

AFIC managing director Ross Barker is not anticipating dividend cuts from the banks.

One of Australia's largest bank investors believes the big four can maintain their dividends this year, despite the challenges of lacklustre credit growth and stiff competition..

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