Most of us bargain hunt when shopping for a new blouse or pair of blue jeans, yet for some reason we don’t with interest rates, potentially costing us thousands of dollars.
Rowena Orr QC rebuked banks on the first day of the Royal Commission for failing to provide specific documents.
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The Financial Services Royal Commission can ask the banks for the material it wants, in the form it wants.
Product intervention powers apply across investment, insurance and credit products but it will never be easy for ASIC to prove the risk of “significant consumer detriment”.
Dan Himbrechts/AAP
Mick Mulvaney has only been in charge of the Consumer Financial Protection Bureau for two months, but he’s already made many decisions that will leave consumers worse off.
The CBA board, headed by Catherine Livingstone, is ultimately responsible for the bank’s risk management.
AAP
Malcolm Turnbull and Scott Morrison appear to have become hostages to rebel Nationals determined at all costs to secure a commission of inquiry into the banks.
In the US “liar loans” have been identified as one of the key reasons behind the 2008 financial crisis. But how big a problem are poor loan checking practices in Australia?
New credit information-sharing rules promise to open up the consumer credit market to increased competition.
Tracey Nearmy/AAP
Republican efforts to kill a rule designed to make it easier for people to sue banks are a reminder of why it’s so important to have a government agency that protects consumers.
The new ASIC chairman, James Shipton, should be in charge of enforcing banking conduct.
AAP
The 2007-08 financial crisis affected the world’s advanced economies in profound ways and the ripple effects continue to today.
Customers don’t expect their banking documents to be found in a gutter on the other side of the country, let alone have the bank blame them.
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APRA announced it will open its new season with an inquiry into the Commonwealth Bank of Australia. But the opening of this new show raises some questions for the producers.
APRA chairman Wayne Byres says the inquiry will provide the CBA with change recommendations.
Mick Tsikas/AAP
The APRA inquiry puts the regulator in the tricky position of trying to be seen to be tough on bank scandals but juggling its close relationship with the government and the CBA.
Bank lending standards need to be more consistent to avoid borrowers shopping around to find the lender that offers them the highest loan amount.
Paul Miller/AAP
It’s not likely the Australian appetite for property will change but this means we need to hedge our bets against any risks by improving diversification and the way banks finance mortgages.
Online credit card fraud is on the rise in Australia. What can we do?
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