Economy

AMP’s chairman and the chief executive of one of the group’s divisions have stepped down in response to backlash from shareholders.

A regional bank has said that it has had to “take a pause” on processing First Home Loan Deposit Scheme applications to work through a backlog that was impacting service levels.

“Elevated” turnaround times have contributed to a contraction in the non-major bank’s home lending portfolio, driving a 33 per cent fall in the bank’s underlying earnings.

A non-major bank has reduced its rates for owner-occupiers taking out shorter-term fixed-rate home loans.

The open banking regime is unlikely to spark customer movement away from the major banks into smaller banks and fintechs, according to a mutual bank.

The ACT dwelling market has outperformed the other capital cities during COVID-19, but a delayed downturn may be on the way, according to CoreLogic.

The neobank has partnered with an open banking platform in preparation for the first phase of the consumer data right.

The wealth giant has signalled it could be set to release the findings report from the investigation into the sexual harassment allegations against AMP Capital chief Boe Pahari.

Firefighters Credit Co-operative Ltd has announced plans to merge with one of the largest mutual lenders in Australia.

The risk of personal loan borrowers defaulting has reduced during COVID, a personal loan provider has found, as COVID-19 support mechanisms such as JobKeeper buoy repayments.