Customers have the most to gain out of a review of the powers of the Financial Services Ombudsman, which sits under ASIC. Sergio Dionisio/AAP

Stronger role for ombudsman is the key to protecting bank customers

Out of the many changes the federal government has made to ASIC, the review of the Financial Ombudsman will have the biggest impact on customers.
The idea of a sharing platform that renders the financial warehouse obsolete is fanciful. Image sourced from www.shutterstock.com

Uberbanking, with limits

Financial services are being digitally disrupted, but the idea of a financial “sharing” economy replacing traditional banking ignores reality.
The new Trans-Pacific trade deal has its sights squarely on financial services. Image sourced from www.shutterstock.com

Growing our services industry will be the main gain from the TPP

Trade minister Andrew Robb must now “sell” the benefits of the Trans-Pacific Partnership - he could do worse than to concentrate on how our services sector will gain.
Pending business for a new treasurer is a government response to the Financial System Inquiry led by David Murray. AAP/Sam Mooy

The unfinished business facing Australia’s new treasurer

A bulging in-tray of reviews awaiting response awaits Malcolm Turnbull’s choice of treasurer in his new cabinet.
PayPal is far more dominant in online payments in the US than Australia where traditional players have defended the market. Geoff Livingston/Flickr

Fintech might be hot right now, but banks are still winning

Venture capital money is starting to flow into Australian fintech, but success will largely be based on whether new players can innovate in areas where bank’s aren’t.
Reserve Bank Governor Glenn Stevens has helped Treasurer Joe Hockey make his case for boosting the economy, but will it be enough? Alan Porritt/AAP

How to multiply the rate cut impact and unshackle the economy

This week’s Reserve Bank interest rate move surprised virtually everyone, bringing the cash rate to 2.25%, yet another historic low. Despite Australian Treasurer Joe Hockey suggesting the rate cut means…

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