Evidence before the royal commission suggests Australian bank boards have been overpaid, underskilled and understaffed compared with those overseas.
- Visiting Fellow, Macquarie University Applied Finance Centre, Macquarie University
The economic underpinnings of the longstanding ‘four pillars’ policy are crumbling. Soon there may no longer be four big banks.
Banks have viewed their codes of conduct as non-binding statements of comfort. They need to enforce them under pain of legal penalty.
CBA’s risk management strategy clearly states that responsibility rests with the board of the bank for any wrongdoing.
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.
Parliamentary hearings reveal a lot of confusion between government, regulators and industry around banking regulation. This needs to be fixed.
New banking legislation hopes to hold executives accountable, but there weren’t good signs at the latest parliamentary committee meeting.
The new banking regulations undermine the existing system, confusing regulators and achieving very little.
ATM fees were already under pressure from new technologies. The question is, what will banks do to replace that revenue?
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.
Without clear support for whistleblowers in the terms of reference for the inquiry into CBA’s corporate governance, the conclusions will inevitably be tainted.
If APRA cannot evaluate a bank’s governance, who can?
APRA announced it will open its new season with an inquiry into the Commonwealth Bank of Australia. But the opening of this new show raises some questions for the producers.
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.
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…
Australia could follow the UK’s lead in fostering progress in the financial technology sector.
Consider, for a moment, these two statements from the “Ultimate Guide to Understanding Blockchain Smart Contracts” on a well known Blockchain website: 1) Traditional Contracts “Traditional physical contracts…
What a difference a year makes. In January 2016, ASX was bathing in the warm glow of having been acclaimed by Blythe Masters, an American super saleswoman and head of a Blockchain start-up called Digital…
2016 was not a good year for ASIC and now it looks like it might run up the white flag on its BBSW legal case.
Just before everyone sits down for their Christmas dinner ASIC has handed two of Australia’s big four banks a big present.
For a discipline that is supposedly rational, finance has had its fair share of irrational crazes. For example, the dotcom bubble and the collateralized debt obligation craze that led to the global financial…
Members of House Standing Committee on Economics should be asking the directors of Australia’s Big Four banks (not the CEOs) different questions, if they really want the right answers.
This week, ANZ, the latest (and now the last) of the big four Australian banks to have ventured far away from the nest, confirmed it was coming home into the arms of the Bank of Mum and Dad (also known…
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.
APRA has updated its guidance to lenders on concerns about the risks to financial stability from the housing market, but it should be focusing more on the banks, not hurting those with a mortgage.
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