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Economy

Bank chairman steps down as scandals unfold

The chairman of a non-major lender has stepped down from the board just one week after the bank lost its CEO following the release of evidence regarding misconduct within the group.

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AMP Chairman resigns

AMP Chairman Catherine Brenner has stepped down from the board.

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AMP could face criminal charges

Counsel assisting the royal commission has advised that criminal prosecution against AMP be initiated following evidence of misconduct.

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AMP could face three class action lawsuits

Three separate law firms are seeking to bring class action suits against AMP on behalf of its shareholders following revelations from the royal commission.

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Interest-only borrowers face $7,000 mortgage hike: RBA

Borrowers approaching the expiry of their interest-only home loans period could be required to fork out an additional $7,000 a year, according to the Reserve Bank.

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Heritage Bank announces replacement for retiring retail leader

Heritage Bank has appointed current senior executive Kevin Potter to fill the vacancy left by the retirement of long-serving head of retail Paul Francis.

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Mortgage manager announces new appointments

Mortgage lender Better Choice Home Loans has continued its national expansion with the announcement of two key appointments to its sales team.

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Analyst worried about vertical integration amid RC revelations

Morningstar has flagged vertical integration as a potential issue for banks as the royal commission continues to find “very disturbing” evidence of misconduct among financial services ...

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Banker misconduct not a threat to stability: Morrison

Treasurer Scott Morrison has insisted that revelations of misconduct identified by the royal commission would not pose a threat to financial stability.

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Fractional investment most popular with Millennials

Younger Australians are more likely to engage in online fractional property investment, according to new research from the University of South Australia.

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