Regulation

The Federal Court has ordered Westpac to pay $40 million for charging dead customers financial advice fees, in the last of six lawsuits from the corporate cop. 

A banking industry body has urged for a probe into Australia’s consumer credit legislation and for regulators to help keep competition alive in the sector.

Risk management expectations for crypto-backed lending and other crypto assets have been unveiled by the prudential regulator.

A number of consumer groups have raised concerns around Treasury’s push to extend the open banking regime to non-bank lenders, claiming it will support predatory behaviour.

New Zealand’s cash rate has increased by 50 bps, with rising inflation expectations said to be a key driver in the decision.

A cryptocurrency lender has been accused by the commission for falsely claiming to hold an Australian credit licence when it did not.

Clive Palmer has outlined United Australia Party’s housing policy at the National Press Club, promising a 3 per cent ceiling on home loans.

After nine years of policing the financial services system, Cathie Armour is set to take her exit.

The Federal Court has ordered the major bank to pay a $1.5 million penalty for mis-selling consumer credit insurance with its credit cards and Flexi Loans.

The Council of Financial Regulators has mulled introducing further lending clamps, as high DTI loans have grown to almost a quarter of the banks’ new mortgages.