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.
Without clear support for whistleblowers in the terms of reference for the inquiry into CBA’s corporate governance, the conclusions will inevitably be tainted.
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.
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 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.
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.
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…
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…
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.
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.
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…
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…