ASIC chairman Greg Medcraft could learn a thing or two from his US counterparts.
ASIC has been too slow to prosecute those accused of rigging the bank bill swap rate so it doesn't matter if the government makes the penalties harsher for those found guilty.
Commonwealth Bank chief Ian Narev was the first to appear before a parliamentary committee inquiring into the practices of the big four banks.
When the cash rate increases, lending rates shoot up like rockets, but when the opposite occurs they go down like feathers.
NAB Group CEO Andrew Thorburn will this week answer questions from another committee inquiring into banking practices.
To boost competition in banking we should give consumers better access to data and account number portability.
US bank Wells Fargo was hit with a record fine after sales-driven staff opened thousands of accounts customers never asked for.
Sales incentives must change to ensure service is rewarded over targets.
Bank customers are tired of the excuses.
The universal reform of the banking system will take more than another inquiry.
Increased requirements from APRA could have been a good thing for Australia’s big four banks.
Australia's big four banks are managing risk well, this could be contributing to their strong performance.
Westpac is one of the banks where ASIC alleges traders rigged the bank bill swap rate.
Business Briefing: the bank bill swap rate.
As more details are revealed in the bank bill swap rate rigging case we explain what the rate does, how it can be manipulated and what the government should be doing about it.
Bill Shorten’s recent performances have displayed a note of confidence.
Next week Malcolm Turnbull will briefly take one foot off the domestic treadmill for his first visit to China as prime minister, going to Shanghai as well as Beijing.
Prime Minister Malcolm Turnbull attending Westpac’s 199th birthday lunch in Sydney on Wednesday.
Prime Minister Malcolm Turnbull has given banks a bollocking for unethical behaviour, suggesting they have not repaid the support they received during the global financial crisis.
Banks must accept they can’t control the values, beliefs and behaviours of their employees.
Image sourced from Shutterstock.com
Banks may pay lip service to ethical cultures but often curtail the critical questioning that allows ethical issues to be surfaced in the first place.
Because Australia’s banking system is so concentrated, the ‘big four’ banks face similar threats.
Analysis of the similarities between Australia's four largest banks shows all are exposed to risk of a housing bubble burst and face threats from digital disruption.
Will home owners consider the non-bank sector as major banks increase lending rates?
Last week, Westpac hoisted its lending rate by 20 basis points in a bid to recover the costs of recent capital raisings. There is speculation other banks will follow. Australia’s non-bank lenders could…
Australian depositors are already protected under existing legislation, so why do we need a deposit levy?
The federal government's decision to implement a deposit levy may increase the costs of banking in Australia without improving the stability of the system.
Millions of people around the world rely on money transfer operators to send funds to their families.
Next week, Australian bank Westpac will become the last of the big four banks to stop serving money transfer operators, amid concerns about breaching laws on money laundering and terrorist financing. There…
Gail Kelly leaves Westpac with women holding 45% of senior leadership roles in the bank.
The announcement of Gail Kelly’s departure as Westpac chief executive is a real and symbolic loss for women, many of whom see her as a role model. Women in Australia now make up just 3% of CEO roles in…
Commonwealth Bank chief Ian Narev announces a record full-year profit of A$7.8 billion, ahead of this week’s $2.1 billion quarterly result.
Like most companies, banks report their profits twice a year. Each time the majors report we see headlines about the size of the profits and implicit or explicit criticism of the amount – this time about…
Should the arrest of Arthur Budovsky, founder of online currency exchange Liberty Reserve concern other online models that use anonymity as part of their model?
The shutdown of online currency exchange Liberty Reserve and the arrest of its CEO and founder Arthur Budovsky may not have surprised some in the security industry. The company did not require its users…
Three of Australia’s Big Four banks have opted to offshore part of their financial operations to Asia.
Reports of more offshoring of jobs from Australia to other countries are, seemingly, a daily occurrence. Such reports include, for example, the manufacturing of cars and their components and aspects of…