The Commonwealth Bank has agreed to pay a $700 million fine over its inadvertent failure to tackle money-laundering. But the penalty is in line with punishments for far more serious violations by other banks.
Commonwealth Bank Chairwoman Catherine Livingstone, and CEO Ian Narev.
AAP
New banking legislation hopes to hold executives accountable, but there weren’t good signs at the latest parliamentary committee meeting.
In the case of CommInsure, the treatment of the Chief Medical Officer, Benjamin Koh, seemed designed to send a message to other bank staff – keep your head down, or else!
Dave Hunt/AAP
Without clear support for whistleblowers in the terms of reference for the inquiry into CBA’s corporate governance, the conclusions will inevitably be tainted.
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.
Amid a sea of troubles – including the premature loss of their CEO and a money-laundering scandal – the CBA is facing a shareholder lawsuit.
AAP Image/Dave Hunt
A new lawsuit against the CBA puts climate change in a new legal light: a financial hazard. The case opens up fresh lines of attack on institutions that contribute to climate change.
ASIC found that CommInsure didn’t breach the law with its handling of claims.
Dave Hunt/AAP
ASIC is telling CommInsure to do what it should have been doing all along. Let’s forget the past and mistreatment of customers, it’s paradise for firms that prey on the sick and dying.
Commonwealth Bank of Australia CEO Ian Narev attends the parliamentary inquiry into the banking system.
AAP Image/Lukas Coch
Business Briefing: fixing culture in banking and finance
The Conversation19,7 MB(download)
"Banking culture" has drawn a lot of scrutiny this year, after several high-profile scandals. But Professor Paul Kofman says there isn't much evidence for how to intervene if there's a problem.
Commonwealth Bank CEO Ian Narev speaks to the House of Representatives standing committee on economics.
Lukas Coch/AAP
The initial day of the parliamentary interrogation of the big banks’ chiefs has probably only strengthened the hand of those urging a royal commission. Malcolm Turnbull proposed bank executives should…
Last week, Commonwealth Bank announced the creation of a Blue Riband panel to “provide an additional layer of assurance for complex claim assessment and decision-making processes” at its troubled CommInsure…
ASIC chairman Greg Medcraft says the regulator ‘can’t look over everyone’s shoulder’.
Dan Himbrechts/AAP
Malcolm Turnbull argues it is so vital to revive a tough watchdog in the construction industry that there will be a double dissolution if the Senate refuses to agree. Critics such as Queensland independent…
Because Australia’s banking system is so concentrated, the ‘big four’ banks face similar threats.
AAP/Joe Castro
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.
Commonwealth Bank CEO Ian Narev and CFO David Craig have a new risk problem on their hands.
Dan Himbrechts/AAP
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.
Commonwealth Bank chief executive Ian Narev earned $8.32 million in 2015, an increase of nearly 5%.
AAP/Dean Lewins
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…