Thursday, January 30, 2020

ANZ sees $450m monthly hit to economy as coronavirus fears rise

ANZ economists predict the impact of the coronavirus could mean a $450 million monthly hit as Chinese tourists stay away. 

ANZ sees economic growth being shaved by 0.2 percent over 2020. 

ANZ economist Hayden Dimes speaks with ABC's Peter Ryan.

"More to be done" - banks lobby chief Anna Bligh contrite a year on from Hayne Royal Commission final report

A year after Kenneth Hayne released the banking royal commission's final report, chief lobbyist Anna Bligh is contrite, conceding there is "still much more work to be done."  

After initially describing revelations of shocking misconduct as "shameful", Australian Banking Association chief executive Anna Bligh says $5.8 billion has been paid out to jilted customers. 

Speaking with ABC's Peter Ryan, Ms Bligh did not rule out the possibility that banking executives could still face civil or criminal charges.

Wednesday, January 29, 2020

"Buy now, pay later" sector unveils consumer protection code in face of concerns from ASIC and parliamentary inquiry

The increasingly popular "buy now, pay later" sector is promising better safeguards for vulnerable customers at risk of getting in over their heads with excessive credit. 

In a code of practice being released today, new and disruptive credit providers including Afterpay, Zip Co, Latitude and Openpay will commit to safeguards such as capping late fees, screening the ability of customers to repay and to never initiate bankruptcy procedures. 

Australian Financial Industry Association chief executive Diane Tate speaks with ABC's Peter Ryan.

Monday, January 27, 2020

Dodgy "middlemen" gouging vulnerable bushfire victims on insurance claims

Dodgy middlemen are gouging vulnerable bushfire victims with excessive fees with promises to expedite insurance claims, the Australian Financial Complaints Authority is warning. 

AFCA's chief operating officer Justin Untersteiner says some victims have been bullied by middlemen and confronted in person or via "cold calls".

I spoke with Mr Untersteiner on this morning's edition of AM.