Westpac and the ANZ have suspended dividends payments. The National Australia Bank has slashed them. The peculiarities of our tax system explain why retirees hate this more than they should.
Ken Henry on ABC 7.30 Thursday night. “We have not been able to satisfy customer expectations, nor community expectations. As I said, for that, we are deeply sorry.”
We get defensive when the social order we have become accustomed to is challenged. We attempt to protect ourselves through projection, denial, games, blame, or rationalisation.
There is a strong relationship between a low socioeconomic background and low financial literacy.
Financial literacy is more than numeracy, it requires a healthy scepticism of financial institutions and confidence in making financial decisions.
The banks have themselves called for an inquiry into banking and financial services.
Appearing to co-operate is the best way to try to influence the terms of an inquiry and manage the bad press.
The federal government has announced a royal commission into banks and other financial services entities.
Even though the Prime Minister and heads of the big four banks argue costly political uncertainty is the reason for the royal commission, experts argue the banks’ behaviour itself is the real cost.
ANZ and NAB have settled with ASIC over manipulation of the Bank Bill Swap Rate.
The major banks have tried to downplay their role in manipulating the BBSW interest rate benchmark. But this is not the first instance of bad behaviour.
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.
In its first quarter results this month, the National Australia Bank (NAB), breathed a sigh of relief announcing that the “separation” of Clydesdale had been “successful” with an expected loss of approximately…
Damn, forgot my PIN.
It came as no great surprise when David Thorburn announced this week that he was stepping down as chief executive of the troubled Clydesdale and Yorkshire banks. Having joined Clydesdale in the 1970s as…