Financial Services
APRA trains sights on exec pay
Ben ButlerTighter rules over how much finance firms can pay their executives is “on the cards”, says a senior APRA official.
BOQ to pay special dividend
Cliona O’DowdBank of Queensland will hand out a special dividend after a recovery in lending, as it lifted full-year cash earnings 5pc.
AMP throws in stock-pick towel
David RogersAMP Capital is shaking up its equities business to focus on low-cost investing through automated trading.
Westpac digs in on interest-only
Michael RoddanWestpac has defended its exposure to interest-only home loans, with CEO Brian Hartzer comfortable with the risks.
Banks keep Austrac on side
Michael RoddanRisk assessments helped ANZ and Westpac avoid anti-money laundering breaches when rolling out smart ATMs, CEOs say.
AMP Capital in equities shakeup
Samantha Woodhill, David RogersAMP Capital will overhaul its $12bn Australian equities unit to focus more on a lower-cost, computerised strategy.
‘Borrowers put before banks’
Michael RoddanWestpac’s boss says the RBA is more worried about the impact of rate hikes on households than about a bank credit crunch.
Money laundering ‘a scourge’
Michael RoddanBoth Westpac and ANZ both say they have been cleared of any breaches of anti-money laundering legislation.
Quality of CBA directors queried
Michael RoddanGraeme Samuel has raised the prospect that CBA’s directors did not have the skills or values required for the job.
BoQ worst for home loan rows
Cliona O’DowdBank of Queensland has topped the list as Australia’s worst offender for disputes with home loan customers.
Debate rages on super reforms
Michael RoddanMore independent board members on super funds will help fix structural problems, according to experts in the sector.
AMP turns back on portfolio
David RogersAMP Capital has caved in to pressure on fees from index and computerised trading in the funds management industry.
Rules for BBSW released
RICHARD GLUYASFinancial regulators have published trade and reporting guidelines to support the new method of BBSW calculation.
Westpac scraps ‘outdated’ fees
Cliona O’DowdWestpac has announced it is getting rid of ‘outdated’ limits on free personal account transactions from November 1.
Tension hits merger activity
Cliona O’DowdGlobal mergers and acquisitions stumbled in the third quarter as geopolitical tensions took their toll.
Naming names raises the stakes
Ben ButlerMaurice Blackburn’s CBA class action takes aim at the very heart of the directors’ club in Australia.
US giants may join CBA action
Michael Roddan, Ben ButlerThe class action launched by Maurice Blackburn alleges CBA misled investors over the Austrac scandal.
Broker jailed over false loans
Samantha WoodhillNajam Shah created false documents to support loan applications to the tune of $170m and more than 500 loan applications.
CBA vows ‘vigorous’ defence
Ben Butler, Michael RoddanLawyers behind a class action say a CBA apology is welcome, but it should have behaved responsibly in the first place.
NAB’s Apple Pay gap
RICHARD GLUYASNAB’s Aussie customers don’t have access to Apple Pay. Curiously, though, its customers in New Zealand soon will.
