banks

Financial planning

Banks are on track to meet their 2020 deadline to overhaul staff pay, a new report by former public service Commissioner, Stephen Sedgwick, has said. ...

Policy & Regulation

ASIC hits AMP and banks over laggard approach to fee for no service

The Australian Securities and Investments Commission has signalled using its new directions power in the face of the slow response of AMP and the major banks to follow-up...

Policy & Regulation

Structured remediation models needed

The banks should offer customers independent advice on remediation or risk both a “relentless flow” of class actions and a widening trust deficit....

Policy & Regulation

Greens would compel banks out of wealth management

The banks would be compelled out of the wealth management industry and AMP would have to break up its operations under policy proposals flagged by the Australian Greens i...

Funds management

Financial sector in top spot despite RC

While the Royal Commission’s final report was touted to rock the financial services industry, the financial sector has defied expectations, according to FE Analytics. ...

Financial planning

AFA says RC hit the wrong targets

The Association of Financial Advisers has claimed the Royal Commission failed to hit what it was aiming at and, instead, has impacted small financial advisers and mortgag...

Funds management

DomaCom partners with major bank

DomaCom has announced that it has partnered with one of Australia’s big four banks to launch a six-month pilot for fractional investment....

Financial planning

APRA keeps CCyB on hold

The Australian Prudential Regulation Authority has decided to keep the countercyclical capital buffer for authorised deposit-taking institutions on hold at zero per cent....

Financial planning

Big four banks could suffer as ‘neobanks’ rise

The introduction of open banking legislation this year could see the big four banks lose out to ‘neobanks’ like Xinja and Volt, according to data analytics company, Niels...

Financial planning

Home loan customers satisfied with banks

Home loan customers who obtained their loan in person at a bank branch have the highest satisfaction rate, according to Roy Morgan’s latest research....

Superannuation

Get general advice out of super say survey respondents

A new survey has revealed strong support for removing bank-provided “general” advice from the superannuation equation....

Financial planning

Report reveals miniscule number of advice complaints

The latest report of the Banking Code Compliance Monitoring Committee has revealed that the number of complaints relating to financial advice was barely discernible when ...

Superannuation

RC sees industry funds increase satisfaction lead over retail

As the banks face issues with customer satisfaction so too have their associated super funds, with industry funds having increased their customer satisfaction ratings ove...

Policy & Regulation

Should ASIC executives be subject to the BEAR?

Australian Securities and Investments Commission chairman, James Shipton has signalled his intention to subject his own executives to the same terms and conditions as the...

Policy & Regulation

Shipton defends ASIC’s close relationship with bank execs

The frequent contact between ASIC commissioners and the chief executives and boards of the institutions they regulate is purely professional, ASIC’s chair has told the Ro...