The banking regulator APRA has taken action against superannuation giant IOOF for allegedly failing to act in the best interests of customers.
APRA is targetting managing director Chris Kelahar and four other senior executives.
IOOF shares plunged 33 percent in late morning trade wiping $800 million of the company's market value.
ABC's Peter Ryan with the breaking news
Follow the ABC's Peter Ryan. Analysis of global and Australian business, finance and economics.
Friday, December 7, 2018
New AMP boss Francesco De Ferrari takes "glass half full" view on embattled wealth manager but says misconduct has been "systemic"
Newly-appointed AMP chief executive Francesco De Ferrari has conceded that serious mistakes have been made at the embattled wealth manager but says the flashpoint of the "fees for no service" scandal points to systemic issues across the entire financial services sector.
Mr De Ferrari began Australia's most challenging role earlier this week as AMP braces for the final report from the financial services Royal Commission after the revelations about misconduct trashed the company's reputation and shredded its market value.
In his first broadcast interview since joining AMP, Mr De Ferrari speaks with the ABC's Peter Ryan.
Mr De Ferrari began Australia's most challenging role earlier this week as AMP braces for the final report from the financial services Royal Commission after the revelations about misconduct trashed the company's reputation and shredded its market value.
In his first broadcast interview since joining AMP, Mr De Ferrari speaks with the ABC's Peter Ryan.
Reserve Bank deputy governor Guy Debelle flags possible rate cut to counter slowing economy, housing downturn
Reserve Bank deputy governor Guy Debelle has flagged a possible cut official interest rates if slowing growth and the housing downturn begin to hurt the economy.
The possibility of emergency measures comes after confirmation this week that the economy dramatically slowed in the most recent quarter and that tighter lending standards from banks could damage confidence even more.
ABC's Peter Ryan on Guy Debelle's comments.
The possibility of emergency measures comes after confirmation this week that the economy dramatically slowed in the most recent quarter and that tighter lending standards from banks could damage confidence even more.
ABC's Peter Ryan on Guy Debelle's comments.
Thursday, December 6, 2018
Retail sales steady in Christmas leadup as slowing economy prompts rate cut talk
Retail sales figures for October have held steady easing fears that consumers are becoming more cautious in the leadup to Christmas.
The ABS says retail trade grew by 0.3 percent although there were falls in discretionary items like cafes, restaurants and takeaway food.
ABC's Peter Ryan speaks with AMP Capital chief economist Shane Oliver.
The ABS says retail trade grew by 0.3 percent although there were falls in discretionary items like cafes, restaurants and takeaway food.
ABC's Peter Ryan speaks with AMP Capital chief economist Shane Oliver.
Slowing economy could force RBA rate cut in 2019, economist Stephen Koukoulas predicts
Two prominent market economists are predicting the Reserve Bank will be forced to cut official interest rates after official figures confirmed a slowing economy.
Shane Oliver, chief economist at AMP Capital, and Stephen Koukoulas of Market Economics believes the RBA might cut rates in May.
ABC's Peter Ryan says a slowing economy could put pressure on hopes that a surplus will be announced in April's pre-election budget.
Shane Oliver, chief economist at AMP Capital, and Stephen Koukoulas of Market Economics believes the RBA might cut rates in May.
ABC's Peter Ryan says a slowing economy could put pressure on hopes that a surplus will be announced in April's pre-election budget.
Wednesday, December 5, 2018
Economic growth slows as discretionary spending dips - but unbroken expansion continues
Australian economic growth slowed sharply in the most recent quarter, defying analyst forecasts.
The ABS says GDP slowed to 0.3 percent in the quarter and 2.8 percent over the year.
The Reserve Bank recently predicted that GDP would rise to around 3.5 percent by 2020.
ABC's Peter Ryan analyses the surprise result.
The ABS says GDP slowed to 0.3 percent in the quarter and 2.8 percent over the year.
The Reserve Bank recently predicted that GDP would rise to around 3.5 percent by 2020.
ABC's Peter Ryan analyses the surprise result.
"Criminal charges would be a surprise" - industry super boss Garry Weaven on Royal Commission fallout
Industry superannuation guru Garry Weaven doubts there will be civil or criminal referrals stemming from the financial services Royal Commission despite the "fees for no service" scandal and evidence that banks lied to the corporate regulator ASIC.
Mr Weaven, known as the godfather of superannuation, is retiring as chairman of IFM Investors which manages $107 billion of funds.
But Mr Weaven believes the federal government will cease its campaign to shake up industry fund boards given scant evidence that industry super has been engaged in misconduct.
Garry Weaven speaks with the ABC's Peter Ryan.
Mr Weaven, known as the godfather of superannuation, is retiring as chairman of IFM Investors which manages $107 billion of funds.
But Mr Weaven believes the federal government will cease its campaign to shake up industry fund boards given scant evidence that industry super has been engaged in misconduct.
Garry Weaven speaks with the ABC's Peter Ryan.
Monday, December 3, 2018
Redundancies at Nine Entertainment after Fairfax Media merger; new AMP boss in first day on the job
Nine Entertainment boss Hugh Marks confirms that 144 positions will be made redundant as a result of the company's recently approved takeover of Fairfax Media.
In a statement to staff, Mr Marks said the roles would be eliminated to reduced duplication.
Also, AMP's new chief executive Francesco de Ferrari begins his first day in Australia's toughest corporate position as he rebuilds the wealth manager after the "fees for no service" scandal emerged at the Royal Commission.
Here's my report from The World Today
In a statement to staff, Mr Marks said the roles would be eliminated to reduced duplication.
Also, AMP's new chief executive Francesco de Ferrari begins his first day in Australia's toughest corporate position as he rebuilds the wealth manager after the "fees for no service" scandal emerged at the Royal Commission.
Here's my report from The World Today
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