All posts tagged "CBA"
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840Australia & NZCBA Increases Remediation Provisions Ahead of Full-Year Results
Customer remediation provisions have been increased by A$300mn, bringing CBA's total remediation bill to A$834. The full-year results are due on 12 August.
August 5, 2020 -
448AML / KYCWestpac Unveils Change Programme to Fix Risk Culture
Westpac says aspects of its nonfinancial risk culture are “immature and reactive”, and that the bank is “overly complex”, resulting in unclear accountabilities and challenges in execution.
July 20, 2020 -
1.4KAustralia & NZAustralia Launches Open Banking Data Sharing Regime
The big four banks have opened up their deposit, transaction account, credit and debit card data for customers to share with other major banks or accredited fintech providers.
July 2, 2020 -
397Australia & NZASIC Seeks Penalties from CBA, Colonial First State
Colonial First State is said to have used CBA's branches and digital channels to sell superannuation products to more than 390,000 bank customers under a revenue-sharing arrangement.
June 24, 2020 -
411Australia & NZAustralia: Banks Work Towards Swift Resolution of Advice Failures
Larger than required remediation payments could be fast-tracked for all clients by forgoing the years of work needed to locate advice files and calculate individual payments.
June 22, 2020 -
380Australia & NZ
CBA Ordered to Pay A$5m Over Agricultural Lending Products
CBA's failures were attributed to the highly manual nature of the systems it used to apply package benefits, and the lack of systems or processes to check whether customers were receiving said benefits.
June 8, 2020 -
746FeatureHKMA Publishes Findings from Bank Culture Reform Initiative
As a next step, the HKMA will conduct more focused reviews on retail banks' front office in relation to the distribution of banking, investment and insurance products.
May 24, 2020 -
2.3KAML / KYCWestpac Internal Probes Identify More AML Breaches
Westpac has identified an estimated 60,000 to 90,000 threshold transaction reports that were not reported to AUSTRAC, and potential problems with its FATCA and CRS compliance.
May 5, 2020 -
459Australia & NZ
ACCC Finds Transparency, Competition Issues in Mortgage Market
The time taken to pass on announced interest rate reductions to customers varied across the big four banks, with revenue being a key motivator. CBA consistently had the longest lag period.
April 27, 2020 -
664Australia & NZ
Aussie Majors to Provide Bridging Loans to Businesses Awaiting Subsidies
ANZ, NAB, Westpac and CBA have agreed to set up new dedicated hotlines and expedite the processing of bridge financing applications as businesses wait to be paid wage subsidies.
April 24, 2020
