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RBA issues warning over fear-provoking lending penalties
22 November 2018
mortgagebusiness

The Australian economy will “suffer” if banks don’t take risks and restrict their lending appetite in fear of potential consequences, RBA governor Philip Lowe has said.

Open letter to CBA CEO Matt Comyn, addressing RC comments
21 November 2018
Open letter to CBA CEO Matt Comyn, addressing RC comments

The director of mortgages at Momentum Media has written an open letter to the CEO of the Commonwealth Bank of Australia, following his comments regarding broker commissions during the royal ...

Variable remuneration doesn’t improve productivity, study finds
21 November 2018
Team meeting

A new study has found that performance-based remuneration, contrary to the claims of bank executives, does not significantly improve productivity but decreases compliance.

Former CBA CEO told Comyn to ‘temper sense of justice’
21 November 2018
mortgagebusiness

Former Commonwealth Bank CEO Ian Narev denied his successor Matt Comyn’s recommendation to pull the sale of an “unsuitable” product that ultimately required remedial action ...

Reactive approach led to recurring misconduct: CBA
20 November 2018
CBA

It is “a culture of not learning from the past” that has led to recurrences of misconduct at Commonwealth Bank, its CEO told the Hayne royal commission.

CBA CEO commits to reducing ‘reliance’ on HEM
20 November 2018
mortgagebusiness

Commonwealth Bank CEO Matt Comyn has been questioned by the royal commission over the bank’s perceived “reliance”’ on the HEM.

APRA preparing for ‘unseasonable’ market ‘cold snap’
16 November 2018
APRA

The prudential regulator’s work has helped ensure that the financial system remains “resilient” when Australia’s “economic summer inevitably ends”, APRA’s deputy chair has said

Digital lender recruits Tesla engineer to board
16 November 2018
mortgagebusiness

An aspiring bank has announced appointing a senior engineer from Tesla to its board.

Gender pay gap highest in finance industry
16 November 2018
mortgagebusiness

The financial and insurance services industries continued to have the highest gender pay gap in 2017–2018 at 30.3 per cent, according to a report by the government’s Workplace Gender ...

Federal Court rejects Westpac $35m penalty
13 November 2018
Barrister's wig

The Federal Court has dismissed ASIC and Westpac’s agreement for the major bank to pay a $35 million penalty for supposed breaches of responsible lending laws.