Today
CBA’s Matt Comyn loses his right-hand man, the meticulous David Cohen
Over 15 years at the bank, David Cohen has seen it all. On his retirement, he provides a potted history of CBA’s numerous troubles and its transformation.
- James Eyers
September
CBA should suffer highest penalty for $16m underpayment, court told
The Fair Work Ombudsman says maximum fines for the Commonwealth Bank ‘knowingly’ underpaying thousands of staff is necessary to deter other well-resourced employers.
- David Marin-Guzman
August
Telcos, non-bank lenders spurn demands to fund financial counsellors
Banks, energy retailers, insurers, bookmakers and Telstra have agreed to government requests for industry funding to support indebted customers, but others are holding out.
- Andrew Tillett
July
CBA’s former wealth arm settles class action for $100m
If approved by the court, the Colonial First State settlement will be the highest ever obtained by plaintiff law firm Slater and Gordon in a class action.
- Hannah Wootton
March
Meet the former bank lobbyist giving life insurance a makeover
The inaugural chief executive of the Council of Australian Life Insurers will draw on the lessons learnt advising banks through the Hayne royal commission.
- Aleks Vickovich
February
- Exclusive
- Watchdog
ASIC was almost broken up after the Hayne royal commission
The Morrison government came close to breaking up the corporate regulator under the former chairman James Shipton, after Treasury investigated the idea when it was raised in the final recommendations of the Hayne royal commission.
- Patrick Durkin
Bank and competition inquiries to probe market power
Bank chief executives will be called before parliament to account for the interest rates on deposits and loans, and how they are treating vulnerable customers.
- John Kehoe
- Updated
- Regulation
Labor to ‘stress-test’ plan to overhaul financial advice
The Albanese government will seek a second opinion on Allens lawyer Michelle Levy’s plan to expand the number of low- and middle-income workers receiving financial advice by overhauling a decade of regulation.
- Updated
- Aleks Vickovich
November 2022
- Opinion
- The AFR View
Labor’s fraying ties with business an ominous sign
The relationship between Labor and business has hit a string of potholes. It’s a sign of a government not yet focused on what really counts.
- The AFR View
October 2022
ANZ to pay $25m fine over Breakfree, offset fees
The corporate regulator has ticked off another royal commission related conduct case as penalties now top $160 million.
- Jonathan Shapiro
September 2022
Financial services compo bill hits $5.6b
ASIC reveals another $1.6 billion is yet to be paid to consumers.
- Lucy Dean
August 2022
Judge lashes AMP over ‘vanishingly small’ compo payouts
A judge is concerned those harmed by AMP’s unlawful life insurance conduct are still out of pocket two years after he ordered compensation.
- Luke Costin
ASIC urges former Dixon clients to lodge complaints with ombudsman
The corporate regulator said clients may be eligible for restitution under a potential future compensation scheme of last resort.
- Carrie LaFrenz and Jonathan Shapiro
July 2022
Insignia warns of $22m hit to half-year profit
Insignia Financial’s customer remediation bill has blown out by another 13 per cent, causing the wealth giant formerly known as IOOF to downgrade its profit guidance.
- Aleks Vickovich
Financial planners call to regulate crypto exchanges
The FPA has asked Treasury to regulate crypto exchanges in a move that would help planners to be able to recommend crypto investments.
- Ayesha de Kretser
May 2022
Regulator of regulators ‘too much of a burden’: Henry
Former Treasury secretary and NAB chairman Ken Henry says the Financial Regulator Assessment Authority, recommended by the royal commission, is bad for business.
- Ayesha de Kretser
April 2022
Regulators must stop favouring big banks: mutuals
The Customer Owned Banking Association has asked for a staggered introduction of regulatory changes, after being criticised for the excessive board tenures of its members.
- Ayesha de Kretser
March 2022
Financial services rules ‘too complex, incoherent and inaccessible’
Financial services laws have missed the “risk shift” from governments and employers to individuals, says the Australian Law Reform Commission.
- Michael Pelly
- Exclusive
- Mortgage brokers
Mortgage brokers escape Hayne crackdown on commissions
Mortgage brokers can keep their commissions after the government dumped plans to review the industry.
- John Kehoe
Wealth adviser exodus opens door to fraudsters
The analysis detected an 8.8 per cent increase in average fraud rates in local government areas that experienced above-median financial adviser retirement rates.
- Aleks Vickovich
