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Finance

Is this why banks got away with dodgy practices?

Too many Australians cannot make basic maths calculations, a survey has found, which may explain why banks and super funds were able to get away with murder for so long.

News

Commission accuses regulators of being too soft

A fortnight of dispiriting findings on Australia’s $2.6 trillion superannuation industry has wrapped up, with more findings of bad behaviour ranging from disappointing to downright shocking.

News

Super inquiry week one: what we’ve learned so far

The banking royal commission shone its spotlight on super last week, uncovering shocking behaviour from bank-owned funds and effectively excusing industry funds. Here’s what we’ve learnt so far from week one of the inquiry’s look at super.

News

Commbank profit slides five per cent after company fines

Commonwealth Bank’s fines over regulatory misdemeanours have sliced almost five per cent from its net full-year profit, newly minted chief executive Matt Comyn said yesterday.

News

Treasurer believes “consumer power” will drive banking reform

Treasurer Scott Morrison outlined the Government’s plans to reform the banking sector, but blames the customer for being “complicit in allowing the deck to be stacked against us”.

News

Royal commission spotlight about to shift to super

Australia’s banks may have suffered severe scrutiny during the first part of the royal commission, but with the focus now shifting to superannuation, their situation could become a lot worse.

News

Opinion: Royal Commission to shine a light on super

While Australia’s superannuation system is regarded as one of the best in the world, it may be in for a shock as the banking royal commission puts the $2.6 trillion industry under the microscope next week.

News

Under-fire energy sector accused of being ‘too complex’

Coalition and Greens MPs ramp up their demands for a royal commission into energy prices, as the Australian Competition and Consumer Commission labels the retail market complex and opaque.

Banking & Investment

Probe exposes financial abuse of older Australians

The banking royal commission has had a profound impact on the financial services sector and exposed older Australians’ vulnerability to financial elder abuse.

News

Retirees to pay for CommBank's bad behaviour

The Commonwealth Bank of Australia will make superannuation and pension fund members foot the $80 million bill for its regulatory compliance, in a fee grab described by Financial Services Minister Kelly O’Dwyer as an “out-and-out gouge”.

Banking & Investment

AMP chairman quits, company secretary shown the door

AMP chairman Catherine Brenner has bowed to pressure to resign following damaging revelations about the giant fund manager lying to the corporate watchdog.

Banking & Investment

CBA continued to charge deceased clients for advice

The banking royal commission takes it first major scalp, hears shocking admissions of the dead being charged for financial advice, and the Government reacts, announcing tough financial and criminal penalties.

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