CBA compensation bill rises to $29 million

The Commonwealth Bank's compensation bill for victims of bad financial advice has risen to $29 million but victims say they were excluded from the outset.

NAB faces new claims over false witnessing

National Australia Bank is facing fresh claims its financial planners have falsely certified customer ID documents, in a potential breach of anti-money laundering rules.

Class action could delay Murray Goulburn case: ACCC

The competition watchdog is pushing to have its case against the nation's biggest milk processor heard before a class action threatens to drag the matter out.

Compensation scheme for financial victims will 'restore trust'

A new compensation scheme for victims of bad financial advice needs to be considered to restore trust in the financial sector, the head of the government's financial review panel says.

Ex-NAB planner banned after stealing $2.3m, another fights ban

A former NAB financial planner has been permanently banned from the industry after pleading guilty to misappropriating $2.3 million in client funds. Another is fighting a ban in Melbourne.

NAB faces fresh misconduct claims over false witnessing

• EXCLUSIVE

NAB financial planners have been caught back-dating signatures on legally-binding superannuation documents in a breach of the bank's code of conduct.

AMP to expand financial advice business under turnaround strategy

AMP says it will expand its financial advice business as part of a new turnaround strategy, despite pressure on the banks to address conflicts of interest inside their wealth divisions.

'Disappointed' Gonski's four-point plan to fix bank levy

ANZ Bank chairman David Gonski is urging the government to enshrine in law its commitment not to raise the rate of the bank tax, in a concession lenders cannot stop the levy from going ahead.

Bank rout wipes $50 billion in May

Some $50 billion has been wiped off the combined market value of Australia's major banks since their highs at the start of this month, as investors eye a more challenging outlook for the big four.