Saturday, September 29, 2018

Royal Commission fallout: former ACCC boss Allan Fels says corporate regulator should be stripped of banking oversight

Former ACCC chairman Professor Allan Fels says corporate regulator ASIC should be stripped of its bank oversight powers. 

In the wake of the financial services Royal Commission interim report, Professor Fels says ASIC is weak and too close the the institutions it regulates. 

ABC's Peter Ryan says Royal Commissioner Kenneth Hayne remains on track to deliver his final report in February. 

Here's my analysis from this morning's AM

Friday, September 28, 2018

A culture of greed - Royal Commission interim report slams banks, scathing of regulators ASIC and APRA

Australia's financial services sector is driven by a culture of greed and the pursuit of short term profit ahead of the interests of customers. 

In the banking Royal Commission interim report, Commissioner Kenneth Hayne has also criticised the key financial regulators ASIC and APRA where misconduct either went unpunished or the consequences failed to match the crime. 

ABC's Peter Ryan says the Royal Commission resumes in November when chief executives from the major banks are expected to grilled.

Here's my report from the ABC's PM program

Hayne Royal Commission interim report to be bruising for banks, insurers and wealth managers

Banks, wealth managers and insurers will be targeted in the interim report from the financial services Royal Commission set to be released later today. 

AMP, the Commonwealth Bank and the National Australia Bank are likely to be highlighted in the "fee for no service" scandal where shareholder interests where put ahead of customers. 

ABC's Peter Ryan says the final report in February is likely to refer potential criminal or civil charges to the Commonwealth Director of Public Prosecutions for investigation.

Banks brace for bruising Royal Commission interim report - ABC's Peter Ryan looks back at ugly revelations


Here's a preview of the financial services Royal Commission and a flashback to voices speaking to the shocking evidence of unethical, unlawful and potentially criminal behaviour.

LISTEN to my report on The World Today

Thursday, September 27, 2018

Dismay about ABC governance and perceived interference - chairman Justin Milne forced to quit

Media commentators and business people are dismayed that the ABC has been embroiled itself in a crisis. 

Even though Justin Milne has now resigned as chairman, the journalists' union, the Media, Entertainment and Arts Alliance still believes the leadership crisis at the ABC can only be resolved with a comprehensive public inquiry.

Here's my analysis on The World Today

US rates on the march as Fed signals end of "accommodative" policy era

US Federal Reserve chairman Jerome Powell has signalled the era of "accommodative" money policy is over and that interest rates will steadily rise through to 2021. 

The Fed this morning raised US rates by a quarter of a percentage point to 2.25 percent. 

ABC's Peter Ryan says higher US rates are unlikely to immediately impact Australian rates which remains at a record low of 1.5 percent.

Wednesday, September 26, 2018

AGL interim chief executive Brett Redman stands firm on Liddell coal plant closure, chairman Graeme Hunt pressed on timing of Andy Vesey's departure

AGL's interim chief executive Brett Redman is standing firm on the company's strategy to close its controversial Liddell coal power plant by 2002 as part of a switch to renewables. 

The energy giant's chairman Graeme Hunt has also rejected concerns that former chief executive Andy Vesey's retirement was accelerated to rebuild relations with Canberra over the future of Liddell. 

ABC's Peter Ryan is in Melbourne for AGL's annual general meeting.

Tuesday, September 25, 2018

Commonwealth Bank money laundering admissions a study of poor culture and complacency, Egmont Group chair warns

The Commonwealth Bank is a global case study on how loose compliance can be targeted by sophisticated money launderers, Egmont Group chair Hennie Verneek-Kusters warns. 

Around 150 financial intelligence groups meeting in Sydney for an Egmont Group summit are looking at strategies to stay ahead of money launderers and groups that finance terror. 

Hennie Verbeek-Kusters speaks with ABC's Peter Ryan.

Banks brace for financial services Royal Commission interim findings; ME bank boss Jamie McPhee expects tougher regulation

The banking industry is bracing for a swathe of bruising findings when the interim report from the financial services Royal Commission is delivered to the governor-general at the end of the week. 

ME Bank chief executive Jamie McPhee is expecting tough regulation for the banking sector. 

Mr McPhee has delivered an improved full year profit of $89.1 million due in part to customers switching from major banks

I spoke to Jamie McPhee on The World Today




Monday, September 24, 2018

Michelle Guthrie sacked as ABC managing director; chairman Justin Milne says "not in best interests" of ABC for her to stay


Michelle Guthrie says she is "devastated" after being sacked as ABC managing director halfway through her term. 

ABC chairman Justin Milne tells ABC's Peter Ryan it was "not in the best interests" of the ABC for Ms Guthrie to continue. 

In a tweet, Ms Guthrie says she is considering her legal options and says there is no justification for the ABC board to terminate her contract.

Here's my coverage from The World Today which includes an interview with ABC chairman Justin Milne and media analyst Peter Cox of Cox Media