Thursday, April 20, 2023

Reserve Bank facing massive shakeup; ASIC tells banks to lift their game in helping scam victims

After nine months in the making, the much-anticipated review into the Reserve Bank will be released later this morning.

An independent panel is likely to recommend a dramatic shakeup in the way the RBA operates - overhauling the RBA board and members who've signed off on ten consectutive interest rate rises since May.

The findings of the review could also disrupt the career RBA governor Philip Lowe after his ill-fated comment the interest rates would stay near zero until 2024.

Also - the big four banks have been put on notice over the way they deal with scams which cost their customers more than half a billion dollars last year alone.

The corporate regulator ASIC has warned banks to lift their game after an investigation showed scam victims aren't always well supported and that compensation rates are too low.

Here's my coverage on the ABC's AM program

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