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ASIC provides update on further reviews into fees-for-no-service failures

ASIC today released an update on the fees for no service (FFNS) further review programs undertaken by six of Australia’s major banking and financial services institutions. ASIC’s ongoing supervision of the review programs undertaken by AMP, ANZ, CBA, Macquarie, NAB and Westpac (the institutions) has shown that most of the institutions are yet to complete … Continue reading “ASIC provides update on further reviews into fees-for-no-service failures”

Westpac denies offering ‘bundled services’ to win BT customers

Westpac chief executive Brian Hartzer has denied claims that Australian employers are offered special deals from the bank if BT becomes the default superannuation provider for employees, via InvestorDaily. Appearing at the House of Representatives Standing Committee on Friday, Mr Hartzer was questioned about the major bank’s superannuation offering through BT Financial. Labor MP Matt … Continue reading “Westpac denies offering ‘bundled services’ to win BT customers”

US Bank Disclosure Reduced Again

More evidence of the peeling back of US bank disclosure, which may reduce the incentive for bank managements to continually improve their capital and risk management processes. On 6 March, Moody’s says the US Federal Reserve Board (Fed) announced the elimination of the qualitative objection in its 2019 Comprehensive Capital Analysis and Review (CCAR) for … Continue reading “US Bank Disclosure Reduced Again”

Auction Results 09 Mar 2019

Domain released their preliminary auction results for the 9th March. The final clearance last week landed at 48%, which is significantly lower than last year, and the preliminary data suggests more of the same with 297 sold compared with 665 last year. Brisbane listed 86 homes, reported 42 and 20 were sold with 5 withdrawn, … Continue reading “Auction Results 09 Mar 2019”

The Game of Homes: how the vested interests lie about negative gearing

From The Conversation. When you want to take back a multibillion-dollar giveaway to the country’s wealthiest, expect them to put up a fight. The Labor Party’s proposal to reduce the tax advantages of being a landlord by limiting negative gearing to new homes has become the new enemy of the landlord class, who are arming … Continue reading “The Game of Homes: how the vested interests lie about negative gearing”

US Jobs Surprise

Total nonfarm payroll employment changed little in February (+20,000), and the unemployment rate declined to 3.8 percent, the U.S. Bureau of Labor Statistics reported. Employment in professional and business services, health care, and wholesale trade continued to trend up, while construction employment decreased. The small rise in jobs was below expectations, but debate is raging … Continue reading “US Jobs Surprise”

Conduct and Compliance Issues Weigh on Australian Banks

Australia’s major banks will continue to face heightened regulatory scrutiny following recent public inquiries, including the Royal Commission, that identified shortcomings in conduct, governance and compliance, and will all be engaged in remediation that could distract management from day-to-day business, says Fitch Ratings. These challenges come amid other near-term pressures on earnings from a generally … Continue reading “Conduct and Compliance Issues Weigh on Australian Banks”