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Westpac launches financial literacy program
6 June 2018
mortgagebusiness

The big four bank has partnered with school leavers platform Year13 to offer young Australians a free online financial literacy program.

Morrison says $700m CBA fine will pay RC ‘bills’
5 June 2018
Treasurer Scott Morrison, CBA, Royal Commission, federal government, shortage of bills, penalty

Treasurer Scott Morrison has said that the federal government has “no shortage of bills” and will use some of CBA’s $700 million penalty to pay them.

LATEST PODCAST: Irresponsible lending, DTI limits and foreign investment
4 June 2018
LATEST PODCAST: Irresponsible lending, DTI limits and foreign investment

The Mortgage Business Uncut podcast is your weekly analysis of the biggest themes shaping the Australian mortgages market.

CBA to pay $700m penalty in AUSTRAC case
4 June 2018
CBA to pay $700m penalty in AUSTRAC case

The big four bank has announced today that it will pay a civil penalty of $700 million after admitting to further contraventions of Australia’s Anti-Money Laundering and Counter-Terrorism ...

RC: Increasing responsible lending obligations ‘unnecessary’
4 June 2018
RC: Increasing responsible lending obligations ‘unnecessary’

The counsel assisting the financial services royal commission has put it to Commissioner Ken Hayne that he should not be open to consider increases to responsible lending obligations.

ANZ to be charged with cartel conduct
1 June 2018
ANZ to be charged with cartel conduct

Legal proceedings are being pursued against ANZ, Deutsche Bank AG and Citigroup Global Markets Australia Pty Limited for alleged cartel conduct.

NAB ‘unlawfully’ seized proceeds from customer’s home
1 June 2018
NAB

The major bank has admitted to the financial services royal commission that it had “no lawful entitlement” to seize the full sale proceeds of a customer’s home.

CBA admits to ‘failures’ in risk function
1 June 2018
mortgagebusiness

The major bank has acknowledged to the royal commission that there were “shortcomings” in the way it identified and addressed risk.

New payments app backed by major banks launches in Australia
31 May 2018
Beem It

  Beem It, a new payments app developed by three of the big four banks, has launched quietly on the Apple and Google Play app stores as the banks continue facing royal commission scrutiny

AMP launches in-app budgeting tool
31 May 2018
mortgagebusiness

The financial services company has introduced its budgeting tool into its customer-facing app in a bid to provide users with a “clearer view of their spending and saving habits”.