Saturday, December 1, 2018

Unsettled Christmas as top bank brass await Kenneth Hayne final report and potential civil or criminal referrals

Top bank bosses face an unsettled Christmas break as they await recommendations from the final report of the financial services Royal Commission which ended yesterday. 

Poor culture where consumers were ripped off through the "fees for no service" scandal left bank chief executives and chairs struggling to explain why boards failed to act. 

ABC's Peter Ryan says its likely that Kenneth Hayne will refer certain civil or criminal matters to the Commonwealth Director of Public Prosecutions. 

Here's my wrap of what we've learned

Friday, November 30, 2018

Poor audit and compliance big factors behind banker misconduct: APRA chair Wayne Byres

APRA chairman Wayne Byres has blamed poor audit and compliance systems for some of the shocking misconduct uncovered at the financial services Royal Commission. 

On the final day of hearings, Mr Byres said tough new laws under the Banking Executive Accountability Regime (BEAR) could see bankers face civil or criminal charges. 

ABC's Peter Ryan is covering the Royal Commission.

Thursday, November 29, 2018

Brokers should have legal duty to customers ahead of sales, profits - ANZ chief Shayne Elliott

Mortgage brokers should have a legal duty to action in the best interests of clients, ANZ chief executive Shayne Elliott has told the financial services Royal Commission. 

Mr Elliott also conceded that some banks had become fixated on sales and profit after almost 30 years of continuous economic growth in Australia. 

ABC's Peter Ryan is covering the Royal Commission.

Monday, November 26, 2018

NAB drifted, lost its purpose: CEO Andrew Thorburn tells Royal Commission


National Australia Bank chief executive Andrew Thorburn concedes that the bank lost its way and put shareholder interests ahead of customers. 

Mr Thorburn said the N-A-B executives were chasing incentives rather working towards the long term vision of the bank. 

But Mr Thorburn has stopped short of agreeing that fixed pay for bankers would do much to rein in banker misconduct. 

ABC's Peter Ryan is covering the Royal Commission.