Kenneth Hayne's royal commission report alone can't change banking's greedy philosophy
6 years, 1 month ago

Kenneth Hayne's royal commission report alone can't change banking's greedy philosophy

ABC  

When Kenneth Hayne spins down the driveway at Yarralumla on Friday morning with a freshly minted copy of his latest tome for His Excellency the Governor-General, Sir Peter Cosgrove, it will mark the beginning of a new era. Given the extreme lack of resources and the extraordinary time constraints, the extent of the revelations unearthed by Mr Hayne's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has been nothing short of breathtaking. Hayne's interim report Photo shows The big four bank logos in a computer animated 3D cityscape Royal commissioner Kenneth Hayne has slammed the banks' culture of greed as the root cause of much wrongdoing. The golden era in Australian banking is coming to an end, at least from an investor viewpoint, for the royal commission's recommendations can result in only one thing: reduced earnings. What many fail to understand is that if the Hayne royal commission improves the system's integrity, ultimately that will improve its resilience and put it on a more sustainable footing.

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History of this topic

Unintended consequences and more work to do: Five years after the banking royal commission
1 year, 1 month ago

Unintended consequences and more work to do: Five years after the banking royal commission

ABC  

Billions of dollars returned to customers. Bank 'improvement' The deputy chair of corporate watchdog ASIC, Sarah Court, says there's been a broad improvement in the way large financial institutions engage with their customers and recognise issues raised by them. ASIC's deputy chair Sarah Court doesn't want to see the momentum stop: "What it is critical that we maintain going forward …

Did the royal commission fix banking or are banks back to behaving badly?
2 years, 4 months ago

Did the royal commission fix banking or are banks back to behaving badly?

ABC  

This coming week, it has been five years since then-prime minister Malcolm Turnbull announced a royal commission into scandals and misconduct in the banking industry. The latest estimate from regulator the Australian Securities and Investments Commission is mind-boggling: A share of more than $3.6 billion has been paid back to more than 1.4 million customers for 'fees for no service' …

Kenneth Hayne's final royal commission report held back 'heavy hits' from the banks
6 years, 1 month ago

Kenneth Hayne's final royal commission report held back 'heavy hits' from the banks

ABC  

The body language said it all. With a tone of moral outrage, the report catalogues, in detail, transgressions by all the major banks and finance houses such as AMP and IOOF: fees for no service; gouging money from the dead for "financial advice" and even life insurance; traducing customers' best interests and profiting at the expense of the people these …

Banking royal commission delivered a manifesto for political action, so when will we see it?
6 years, 1 month ago

Banking royal commission delivered a manifesto for political action, so when will we see it?

ABC  

Twenty-three years on the judicial bench has etched onto Kenneth Hayne's face the sober values that judges' careers are built on — inscrutable, impartial, impassive. While careful, considered and in many ways cautious, Justice Kenneth Hayne's 950-plus pages of findings are a manifesto for political action, composed safely in the knowledge that, unlike most previous reviews of the banking, insurance …

Banking royal commission report takes axe to sales culture in finance
6 years, 1 month ago

Banking royal commission report takes axe to sales culture in finance

ABC  

The banking royal commission's final report, and the Government's support for all 76 recommendations, leaves some parts of the financial sector at risk of being effectively legislated out of existence. Key recommendations: Commissions should be largely eliminated from the financial sector, including mortgage broking, financial planning and insurance sales Mortgage brokers should meet similar requirements to financial planners to put …

Post royal commission report, banks will start a new lobbying campaign — but customers pick up the bill
6 years, 1 month ago

Post royal commission report, banks will start a new lobbying campaign — but customers pick up the bill

ABC  

The verdict is in and the sentence delivered. But the fallout from the Hayne Royal Commission's explosive report into the state of Australia's financial services sector will reverberate through the community and the economy for years. Rather than a radical overhaul, however, or a massive restructure of the system, the royal commission has taken aim exactly where it will hurt …

Trust and credit the key aims of the Government's banking royal commission response
6 years, 1 month ago

Trust and credit the key aims of the Government's banking royal commission response

ABC  

Restoring public trust in scandal-ridden financial institutions and restoring the free flow of credit will headline the Federal Government's response to the final report of the banking royal commission. Government wants to restore flow of funds After the commission's interim report observed a "culture of greed" where banks put profits before people, institutions have implemented tighter credit controls on residential …

Bank shareholders brace for brunt of royal commission fallout, but should we care?
6 years, 1 month ago

Bank shareholders brace for brunt of royal commission fallout, but should we care?

ABC  

Friday is D-Day for the financial services sector — the day the royal commissioner Kenneth Hayne delivers his final report to the Government ahead of its public release on Monday. As shocking revelation after shocking revelation emerged from the royal commission witness box last year, the stock market's index of financial stocks lost 14 per cent in value. "The biggest …

Banking industry braces for the 'live possibility' the royal commission will recommend charges
6 years, 1 month ago

Banking industry braces for the 'live possibility' the royal commission will recommend charges

ABC  

The banking industry's chief lobbyist concedes that civil or criminal referrals to Commonwealth prosecutors are a live possibility, when the final report of the banking royal commission is released on Monday. Key points: Australian Banking Association says its members have heard the commission's message "loud and clear" CEO Anna Bligh would not be drawn on whether shareholder money would be …

Banking royal commission summed up in NAB's befuddled performance
6 years, 3 months ago

Banking royal commission summed up in NAB's befuddled performance

ABC  

It has been a year of dragging out the dirty laundry of Australia's banks: appalling scandals, executive inaction and bad decisions that hurt customers. CEO Andrew Thorburn and chair Ken Henry were both witnesses this week, offering starkly different takes on the harsh sunlight filtering through to previously opaque banking practices. After a parliamentary inquiry in Canberra this year, Mr …

Kenneth Hayne, housing and why we fear the truth about the banks
6 years, 4 months ago

Kenneth Hayne, housing and why we fear the truth about the banks

ABC  

The stage is set, the actors assembled. Commissioner Hayne's depiction of a system that has been rotten to the core, overseen by regulators that turned a blind eye, highlighted the stark dichotomy in community standards to criminal conduct and law enforcement. While limits were put in place in 2014, last year's move to restrict interest-only loans resulted in the banks …

Banking royal commission prompts $51.5m funding boost to hear cases, new enforcement body
6 years, 4 months ago

Banking royal commission prompts $51.5m funding boost to hear cases, new enforcement body

ABC  

Commonwealth prosecutors and the Federal Court will be given a $51.5 million funding boost to turn up the heat on bankers and financial institutions accused of criminal or civil misconduct emerging from the financial services royal commission. Key points: Commonwealth Director of Public Prosecutions will get $41.6m and Federal Court will get $9.9m The move is in anticipation of "an …

Financial sector slow to clean up its act despite royal commission revelations
6 years, 6 months ago

Financial sector slow to clean up its act despite royal commission revelations

ABC  

Last month the corporate regulator ASIC revealed banks and others in the financial services sector would have to refund up to $850 million that had been taken from customers without any service being rendered. The royal commission has been an ongoing horror story, revealing just how out of control the big banks, and others in the financial services sector, really …

Banking royal commission: Fees for the dead and cash bribes — the greatest shocks (so far)
6 years, 6 months ago

Banking royal commission: Fees for the dead and cash bribes — the greatest shocks (so far)

ABC  

Monday brings the start of the sixth, essentially final, leg of the banking royal commission. The bank's executive general manager of retail products Clive van Horen admitted the bank had made a mistake, and now flags customers spending big on gambling and doesn't offer them credit limit increases. Mr Steinberg maintained the bank's actions, at no time, fell below community …

Banking Royal Commission: banks' misconduct, not Kenneth Hayne's inquiry, behind lack of confidence in sector
6 years, 7 months ago

Banking Royal Commission: banks' misconduct, not Kenneth Hayne's inquiry, behind lack of confidence in sector

ABC  

Banking royal commissioner Kenneth Hayne, it seems, has a great deal to answer for. Tech entrepreneur Christian Beck, reputedly worth $775 million, claimed he was knocked back on a $6 million loan from an unnamed bank or banks, despite offering one of his multi-million dollar properties as collateral. "The royal commission has done the west no favours as banks tighten …

Banks could be fined $210MILLION in new civil penalties scheme
6 years, 11 months ago

Banks could be fined $210MILLION in new civil penalties scheme

Daily Mail  

Fines of up to $210million or 10 per cent of annual revenue could be issued to major banks and financial services companies in a new government scheme targeting dodgy banks. Not only will banking executives and directors be hit with more hefty sentences, the Australian Securities and Investments Commission is set to be given more power to investigate dodgy dealings. …

What we did (or didn't) find out about the banking royal commission
7 years, 1 month ago

What we did (or didn't) find out about the banking royal commission

ABC  

Commissioner Kenneth Hayne QC on Monday opened the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. We heard the banks might miss a deadline to provide additional information on misconduct, people who broke confidentiality agreements to give evidence or make submissions will be protected from legal action and that the royal commission doesn't have a lot …

Banking royal commission could be a superannuation sting that backfires
7 years, 3 months ago

Banking royal commission could be a superannuation sting that backfires

ABC  

More a tactical retreat. Why the banks hate not for profit super funds Each week, almost 10 per cent of every worker's salary is directed straight into the arms of the superannuation industry. Industry funds — bosses and workers In the past few years, the retail funds have launched a relentless campaign against industry funds, attempting to break the stranglehold …

Banking royal commission: Why banks don't want property lending scrutinised
7 years, 3 months ago

Banking royal commission: Why banks don't want property lending scrutinised

ABC  

Suddenly, the fear has been reversed. Bank shares took a pounding this morning, as investors took flight, following revelations that, overnight, the big four banks had capitulated and called for the Prime Minister to establish a royal commission into banking. The Prime Minister has spent the past 18 months stridently opposing calls for a royal commission into the banks, but …

Royal commission into banking: The inquiry that could kill the Government
7 years, 4 months ago

Royal commission into banking: The inquiry that could kill the Government

ABC  

The onslaught has begun. But it is the recent sacking of more than 20 National Australia Bank employees and looming court action that has the potential to get to the heart of one of the economy's major flash-points; how our banks have helped artificially inflate the property market by aggressively pushing loans on to customers. The great Australian bank subsidy …

Banking inquiry: What have we learnt and where to from here?
8 years, 5 months ago

Banking inquiry: What have we learnt and where to from here?

ABC  

The banking inquiry has laid bare a litany of examples of bad behaviour, with each of the big four plagued by their own separate scandals. The biggest news from inside the inquiry was ANZ's revelation it was considering following NAB and stopping donations to the major political parties — if anything a display of the banks taking the moral high-ground. …

Four myths busted: Why we need a banking royal commission
8 years, 7 months ago

Four myths busted: Why we need a banking royal commission

ABC  

Tens of thousands of Australians have had their lives ruined by the major banks. If there's no need for a Royal Commission because ASIC has greater powers, then why is the Turnbull Government wasting time and money on a parliamentary inquiry that has less power than both? Let's see if you can twist your mind around this: If there's no …

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