An inquiry by Australia's competition watchdog found that opaque discretionary mortgage pricing at major banks is stifling competition and disincentivising borrowers from seeking better offers.
December 11, 2018The penalty is far less than the combined A$125mn that NAB, ANZ and CBA paid to settle their own BBSW cases with ASIC out of court.
November 12, 2018The banking regulator is seeking feedback on a proposal to increase the Total Capital requirement for Australia's D-SIBs by 4-5% of risk-weighted assets by 2023.
November 9, 2018ASIC officials will begin working at CBA starting from next week and will go in and out of other institutions, focusing on institutional behaviour and decision making.
October 26, 2018The 'Trade Information Network' is expected to be production-ready by Q3 2019, representing the "first inclusive global multi-bank, multi-corporate network in trade finance".
October 23, 2018The Interbank Information Network (IIN) now has 76 participating banks; it seeks to use blockchain tech to reduce the time correspondent banks spend responding to inquiries that delay payments.
October 1, 2018The report says financial institutions have had free reign to pursue their own interests at the expense of customers and regulators have been ineffective in policing their behaviour.
October 1, 2018Institutions take over 4 years to identify breaches, over 2 months to start an investigation into identified breaches, and 2.5 months to lodge breach reports with ASIC.
September 26, 2018ANZ failed to disclose in its 2015 capital raising that underwriters Citi and Deutsche took up one-third of its share placement.
September 17, 2018Misconduct findings by the Australian Royal Commission spanned the financial sector, notably singling out ASIC and APRA as lacking authority and questioning if they were up to the job of protecting customers.
August 27, 2018