Friday, August 10, 2018

NAB boss CEO Andrew Thorburn apologises as Royal Commission suggests criminal breaches on fees for no service



The National Australia Bank is staring down the prospect of criminal charges for trying to bury evidence that it allegedly charged fees for no service. 

The latest damaging revelations in the financial services Royal Commission has prompted the NAB's chief executive Andrew Thorburn to issue an extraordinary apology to his customers. 

ABC's Peter Ryan says there is speculation that Commissioner Hayne might refer potential civil or criminal charges to commonwealth prosecutors.




Thursday, August 9, 2018

ASIC is a weak corporate cop, should be stripped of bank supervision: former ACCC boss Allan Fels

Former ACCC chairman Professor Allan Fels has described the Australian Securities & Investments Commission as weak and ineffective in fighting bank misconduct - and says it should be stripped of supervisory powers over banks. 

Professor Fels says those powers should be handed to the Australian Competition & Consumer Commission which unlike ASIC would be a feared corporate cop. Allan Fels has also backed a proposal from the Greens that the big banks and AMP be broken up. 

He spoke with the ABC's Peter Ryan on the ABC's AM program

"In hindsight, we should have acted faster": former NAB super trustee Nicole Smith grilled on fee for no service

A former superannuation trustee from the National Australia Bank has been grilled by the financial services Royal Commission on why there was a delay in compensating customers charged fees with no service.

Nicole Smith told Michael Hodge QC that in hindsight trustees should have struck a faster deal with the corporate regulator ASIC.

ABC's Peter Ryan says Commissioner Kenneth Hayne struck out an application from the NAB to suppress documents outlining negotiations with ASIC.

Here's my report from The World Today

Wednesday, August 8, 2018

Power prices to rise without agreement on NEG, warns Energy Australia chairman Graham Bradley

Power prices are likely to rise without a deal on the National Energy Guarantee (NEG), warns Energy Australia chairman Graham Bradley. 

Mr Bradley says no agreement will mean a new period of policy uncertainty that will unsettle local and foreign investors. 

Graham Bradley spoke on AM with the ABC's Peter Ryan.

CBA boss Matt Comyn won't guarantee scandals have ended, delivers 4pc fall in profit to $9.3 billion

Commonwealth Bank chief executive Matt Comyn won't guarantee there are no more scandals to come for Australia's biggest bank. 

Mr Comyn says he is working to rebuild the CBA's reputation amid fallout from the financial services Royal Commission that contributed to a four percent fall in full year profit to $9.3 billion. 

In one of his first major interviews since taking on the CEO hotseat, Matt Comyn spoke with the ABC's Peter Ryan on The World Today

Tuesday, August 7, 2018

ASIC staff to be embedded in banks by end of month, starting with CEO's office

The Australian Securities & Investments Commission will embed its staff in the major banks and AMP by the end of the month and will begin at the chief executive's office. 

ASIC chairman James Shipton rejected claims that the corporate cop has been "asleep at the wheel" with a tendency to use enforceable undertakings rather than taking tougher action such as cancelling a bank's licence.

Here's my interview with James Shipton broadcast on The World Today 



Corporate cop ASIC to embed staff in big four banks, AMP to fight misconduct

The Australian Securities and Investments Commission will, for the first time, have enhanced powers to embed its enforcement staff into the major banks and wealth manager AMP as part of an "expanded armoury" to fight white-collar crime. 

Here's my story

The $70 million budget boost for ASIC comes amid fallout from the banking Royal Commission where ASIC has been accused of being "asleep at the wheel" in the fight against corporate misconduct. 

I spoke with Financial Services Minister Kelly O'Dwyer speaks on this morning's AM.

Monday, August 6, 2018

Super trustees "surrounded by temptation", banking Royal Commission told

Superannuation trustees are "surrounded by temptation" and subject to conflicts of interests about their oversight of the $2.6 trillion sector, the banking Royal Commission has heard. 

Counsel assisting Michael Hodge QC has also raised concerns about whether regulators are doing enough to protect retirement next eggs. 

ABC's Peter Ryan says for many Australians, superannuation accounts for 50 percent of household assets.

Here's my report from The World Today

Superannuation funds to feel heat on fees and charges as Royal Commission resumes

The integrity and performance of Australia's $2.6 trillion superannuation sector will be scrutinised when the financial services Royal Commission resumes this morning. 

A recent Productivity Commission report said superannuation was an "unlucky lottery" for some with fees and charges eroding some retirement nest eggs. 

ABC's Peter Ryan says Round 5 of the Royal Commission is critical given the "set and forget" nature of superannuation for many Australians.

I spoke with Eva Sheerlink, chief executive of the Australian Institute of Superannuation Trustees, on this morning's edition of AM.