Wednesday, November 21, 2018

RBA boss raps banks for misconduct but warns tighter regulation could hurt economy

Reserve Bank governor Dr Philip Lowe says Australia's banks have been "severely tarnished" by evidence of shocking misconduct but has warned that tougher regulation might hurt the economy. 

Dr Lowe has cautioned against kneejerk responses as a result of the financial services Royal Commission and says bank boards need to review bonuses and other incentives that have encouraged bankers to act against the best interests of their customers.

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

Tuesday, November 20, 2018

"Temper your sense of justice" - CBA boss Matt Comyn on "robust" meeting with predecessor Ian Narev

Commonwealth Bank boss Matt Comyn has told the banking royal commission he was ordered to "temper his sense of justice" by former chief executive Ian Narev. 

Mr Comyn was attempting to abolish a range of junk insurance products and decided not to go the the CBA Board because he believed they shared Mr Narev's views. 

ABC's Peter Ryan is covering the Royal Commission and saying the revelations as culture at the top of the CBA are extraordinary

Monday, November 19, 2018

Collaboration caused consensus, compromise, complacency, CBA boss Matt Comyn tells Royal Commission

Commonwealth Bank chief executive Matt Comyn has conceded that internal policies to promote greater collaboration resulted in consensus that contributed to misconduct or poor ethical behaviour. 

Mr Comyn is the first major bank boss grilled at the financial services Royal Commission this morning where senior counsel assisting Rowena Orr QC insisted the time for apologies is over.

 ABC's Peter Ryan is covering the Royal Commission.

Bank chiefs prepare for Royal Commission grilling amid to confront "culture of greed" evidence. I speak with Macquarie University professor Elizabeth Sheedy

Commonwealth Bank chief executive Matt Comyn and chairman Catherine Livingstone will face the final round of the financial services commission amid expectations of intense grillings. 

Meanwhile, Macquarie University associate professor Elizabeth Sheedy says the "balanced scorecard" used by banks does not improve productivity and tempts executives to chase bonuses rather than acting in the interests of customers. 

Elizabeth Sheedy speaks with the ABC's Peter Ryan.