Customers will be likely to feel the effects of the huge fine.
AAP Image/Dean Lewins
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.
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!
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.
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.
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 Conversation 19.7 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.
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’.
Banks have had notice of these issues and failed to resolve them - it seems only fair that they should have to pay.
Malcolm Turnbull on Wednesday laid into the banks with damning comments about ethical lapses and failure to put customers first.
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.
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.
If ASIC gets its way and ‘conduct risk’ is regulated, banks might get serious about systematic problems.
Former Commonwealth Bank employee Jeff Morris struggled for years to reveal breaches by his employer.
Whistleblowers still so often pay a significant personal and professional cost when they reveal wrongdoing.
Which bank? And more to the point, does it matter?
To successfully ride a disruptive technological wave will take more than simply adopting the technology.
Good for humanity?
Image sourced from Shutterstock.com
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.
Commonwealth Bank chief executive Ian Narev earned $8.32 million in 2015, an increase of nearly 5%.
Earnings season highlights the disparity between our highest paid executives and those on minimum wages.
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 performance of ASIC in regulating financial fraud remains under question, despite Chairman Greg Medcraft’s recanted statement that Australia is a “paradise” for white-collar criminals.
Recently, the head of the Australian Securities and Investments Commission, Greg Medcraft, called Australia a “paradise” for white-collar criminals. Soon after he recanted, claiming he didn’t want the…