Economy

The Federal Court of Australia has made orders winding up five companies for their role in a land banking scheme that targeted both retail and SMSF investors.

The Federal Court of Australia has made orders winding up a number of companies for their role in a land banking scheme.

The embattled wealth giant has slashed its H1 FY18 profit expectations, citing the banking royal commission, customer remediation and some one-off costs as reasons for its reduced estimates

The “clear trust deficit” in the banking and financial services sector is worsening, according to joint research from Deloitte Digital and Salesforce.

Macquarie’s chairman and NAB’s CEO have sought to reinfuse confidence in the banking sector and repair reputational damage inflicted by the financial services royal commission.

The ABA and major banks have called for changes to the proposed rules that would define the jurisdictional parameters of AFCA, calling certain provisions “inappropriate”.

The financial services royal commission is continuing to undermine trust in the banking sector, with new research revealing that consumers are now less inclined to back their bank.

Standard & Poor’s has provided top preliminary ratings to $484 million of ME’s second residential mortgage-backed securities (RMBS) issue of 2018.

The professional services giant has highlighted how third-party distribution is an effective way for banks to diversify and de-risk their mortgage books.

Moody’s has provided its highest provisional rating to $589 million of Pepper Group’s second residential mortgage-backed securities (RMBS) issue of 2018.