Former ANZ customer Julian Saliba (left) and Maurice Blackburn national head of class actions Andrew Watson speak to the media in Melbourne yesterday.
The High Court found late credit card payment fees were not extravagant, but the experts disagreed on the actual cost to the bank.
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.
It’s been more than 18 months since Apple launched Apple Pay in the US.
Apple faces numerous challenges in its bid to get more people using their iPhones to pay for things.
Company brands are hard to create, easy to damage.
Dissonance by the banks - saying one thing but acting in another way - will cause brand damage that will be very difficult to repair.
Banks must accept they can’t control the values, beliefs and behaviours of their employees.
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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.
Former ANZ chief Mike Smith remains as a ‘non-executive advisor’ to the bank’s board.
Unethical behaviour by bankers represents a systematic risk to banks, and causes widespread harm.
ASIC Chairman Greg Medcraft and Commissioner Cathie Armour during a Senate Estimates hearing at Parliament House. Medcraft told the hearing ASIC must be a ‘model litigant’.
ASIC has a high success rate, but its high-profile civil action against ANZ Bank will be a tough battle to win.
Almost three years after the hares were set running on the Bank Bill Swap Reference Rate (BBSW) scandal by the US regulator the Commodities Futures Trading Commission (CTFC), ASIC has finally taken out…
In its first quarter results this month, the National Australia Bank (NAB), breathed a sigh of relief announcing that the “separation” of Clydesdale had been “successful” with an expected loss of approximately…
These three regulatory issues act as barriers for Australian banks with global ambitions.
Apple Pay launched in the US in 2014, but has yet to gain traction in Australia.
Australians love to 'tap and go' for payments, but doing it with a mobile phone is being complicated by our card fee system.
Good for humanity?
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Australia's biggest banks seem more concerned with disclosing how much paper they recycle than their lending exposure to coal mines.
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.
Large Australian banks are being required to significantly increase their levels of equity capital.
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Investors may not like it but Australian banks have been given little choice by the prudential regulator other than to undertake capital raisings.
The Commonwealth Bank’s chief executive Ian Narev apologised to clients given poor financial planning advice.
Major banks including the ANZ, NAB, the CBA and Macquarie have faced a public humbling, but professed contrition must become real action.
CBA chairman David Turner blames the financial crisis for the bank’s financial planning saga.
The Australian Institute of Company Directors (AICD) is pushing for reforms allowing directors to rely on honest and reasonable conduct as a defence against company liability. The AICD believes this new…
The ANZ bank fee class action has opened the door to target other companies charging excessive fees.
A bank charges customers A$35 every time customers fail to make the monthly payment on their credit card by the due date. An airline charges $10 or more for printing boarding passes if passengers forget…
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…
ANZ chief Mike Smith was recruited to help ANZ succeed in Asia.
ANZ Bank has delivered another record profit, promising shareholders a bigger dividend than expected on the back of cash earnings of A$6.49 billion. But despite the bank’s continued Australian and international…