Angry customers want bankers to face jail time, but better banking practices are just as important.
It seems ASIC and the Director of Public Prosecutions will have no lack of evidence to pursue civil penalties and criminal cases. The bigger issue is what charges to go with.
Rowena Orr QC rebuked banks on the first day of the Royal Commission for failing to provide specific documents.
The Financial Services Royal Commission can ask the banks for the material it wants, in the form it wants.
The CBA board, headed by Catherine Livingstone, is ultimately responsible for the bank’s risk management.
CBA’s risk management strategy clearly states that responsibility rests with the board of the bank for any wrongdoing.
The ‘balanced scorecard’ is a method used by banks, including the CBA, to assess workers for pay rises or other rewards.
Research shows that cash bonuses are responsible for many recent financial scandals. The alternative isn’t that great either.
It’s possible that CBA’s willingness to admit as much of its conduct as it has, signals the bank might resolve the class action through a settlement.
The CBA’s response to AUSTRAC’s claims means shareholders will be assisted in part of their class action claims, but a lot still needs to be proved.
APRA’s independent inquiry panel member, John Laker, who is also chairman of the Banking Finance Oath initiative, will be one of the ones holding the CBA to account.
One scandal at the CBA stands out above all others, It set the scene for how the CBA board would handle future scandals, that is to obfuscate, prevaricate and litigate.
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.
The Australian Transactions Reports and Analysis Centre (AUSTRAC) has launched civil proceedings accusing the CBA of being complicit in money laundering.
The Australian public may be vulnerable to crime and terrorism directly funded through the Australian banking system.
There are better ways of dealing with distortions caused by the bank than the government’s quick, politically opportunistic, measure.
The new levy on banks from the budget is a small hit to their profit but it could have unintended consequences.
There are mixed results in research when it comes to the effect of shaming people into good behaviour.
Studies have shown that shame can motivate people to be both helpful but also vengeful, so the verdict is still out on whether it curbs bad behaviour.
It’s too soon to say what advantages there are to issuing government bonds using blockchain technology.
Despite a media statement announcing that Commonwealth Bank of Australia (CBA) and Queensland Treasury Corporation (QTC) have created the first government bond using the blockchain (dubbed the “cryptobond…
The ACCC has blocked the big four banks from bargaining with Apple for more control over Apple Pay.
The banks could have used their collective bargaining power not only against Apple for Apple Pay but also stall the adoption of mobile payments in Australia.
ASIC has been highly critical of some of the practices of Australia’s big four banks.
An ASIC report detailing how financial advice was paid for but not given by Australia’s big four banks exposes a culture problem that the government needs to deal with.
Commonwealth Bank chief Ian Narev was the first to appear before a parliamentary committee inquiring into the practices of the big four banks.
When the cash rate increases, lending rates shoot up like rockets, but when the opposite occurs they go down like feathers.
NAB Group CEO Andrew Thorburn will this week answer questions from another committee inquiring into banking practices.
To boost competition in banking we should give consumers better access to data and account number portability.
Bank customers are tired of the excuses.
The universal reform of the banking system will take more than another inquiry.
Increased requirements from APRA could have been a good thing for Australia’s big four banks.
Australia’s big four banks are managing risk well, this could be contributing to their strong performance.
Professor Allan Fels speaks about the compensation process for underpaid 7eleven workers.
Former ACCC head comments on calls for a royal commission into the banking sector.