Superannuation fund Cbus will slash how much its youngest members are spending on life insurance, as part of a crackdown on unnecessary insurance cover purchased through the retirement saving system.

National Australia Bank will start automatically knocking back customers seeking to borrow a high multiple of their income through an interest-only home loan, amid concerns over the risks created by rising household indebtedness.

Country's biggest superannuation fund has not changed its view despite claims by banks that the new levy will hit all Australians' retirement savings.

Home loan provider Pepper Group has received a $650 million bid from private equity firm KKR, which could result in a near $200 million payday for chairman Seumas Dawes if a deal goes ahead.

Interest-only lending is now twice as profitable for a bank as lending money to customers paying back a mortgage on a home in which they live, new research says.

South Australia's opposition has vowed to block the state government's bank tax in the upper house, after a fierce campaign against the $370 million levy from the powerful banking industry.

Iris Lees died at an Aveo village in what relatives have described as "horrific circumstances".

Consumers can expect to receive fewer perks for using bank-issed American Express cards from this weekend, as rules that are set to shake up the credit card market come into force.

Australia's third-biggest bank wants to interview US witnesses as it tries to find out who ripped it off in $400 million worth of nickel deals

ANZ Bank chief executive Shayne Elliott has warned South Australia would face higher borrowing costs if other banks lower their exposure to the state as a result of its bank levy, as ANZ has done.

• EXCLUSIVE

The corporate watchdog has been called on to investigate recent trading of Aveo’s shares ahead of the company announcing a $145 million buyback this week.

The corporate cop would no longer need to tip off targets of its investigations before obtaining a search warrant, something it must sometimes do today, under draft recommendations from a key government taskforce.

Insurance Australia Group shares struck a record high on Wednesday after the insurer unveiled a hefty profit upgrade, thanks to much lower claim costs than it had expected.

"If you don't fix your sales goals systems here in Australia, I'll see another similar to Wells Fargo scandal happening here in the future," says Kilian Colin, a whistleblower from the US bank.

Labor, the Greens and former ACCC chairman Allan Fels have called on the government to urgently review the retirement village sector following allegations elderly Australians are being ripped off.

Commonwealth Bank is the final major bank to hike interest rates for customers with an interest-only mortgage, while giving a smaller cut to homeowners paying down their loans.

REA Group has spent $67 million buying an 80 per cent stake in mortgage broking franchise Smartline, with plans to launch a new home loan business later this year.

QBE says it was unaware of the impact of losses in its emerging markets division on overall profitability during its annual meeting in early May.

Aveo Group shares have plunged and it faces allegations of misusing customer information.

Commonwealth Bank will cut 150 positions among Australian staff who process home loans, the latest sign of job shedding at the country's large banks.

Bank fears that cash-strapped governments will target the industry with higher taxes are mounting, as another state says imposing its own levy on banks would have its advantages.

Macquarie's stockbroking arm has been fined $505,000 after the market regulator found it had been "recklessly" trading for a client it suspected of trying to manipulate the market.

• ANALYSIS

There is a hidden and worrying risk lurking for a particular set of mortgage borrowers, whose level of financial stress is about to get a whole lot worse.

National Australia Bank has joined rivals in raising interest rates for customers with interest-only home loans, while cutting rates by a smaller amount for people paying down debt on a house they live in.

The country's five biggest banks are embroiled in a new tax brawl, after SA's government infuriated banks by imposing a new levy.

• EXCLUSIVE

Two Macquarie Group executives repeatedly drugged a colleague with valium and laxatives during a business trip to South America in a "malicious" attempt to discredit him.

QBE Group has dealt a blow to investor confidence in its turnaround, flagging a hit in its emerging-markets business that is forecast to wipe up to $US100 million off its bottom line.

• EXCLUSIVE

Macquarie Group faces a major class action over allegations some of its investment advisers artificially inflated the price of a small mining company before a sudden collapse wiped out many of its investors.

Westpac is increasing rates for interest-only mortgages by 0.34 percentage points at the same time as it makes smaller cuts in other types of loans.