Regulation

Nearly one in three Western Australian residents have experienced financial abuse, while one in four know someone personally impacted, according to new data.

The Customer Owned Banking Association has welcomed moves for greater banking regulations, suggesting a regulatory initiatives grid could be the next step forward.

The financial complaints body has recruited a new leader for its compliance and monitoring team.

A new class action lawsuit against the big four bank has cried foul over interest-free credit card contracts.

Higher risk lending could become less profitable for the banks, with new standards to require more capital set aside for interest-only and investor loans.

The major bank’s chief has apologised to customers, admitting far-reaching systemic issues led to each of the six matters presented in new civil lawsuits.

The Federal Court has ordered La Trobe Financial Asset Management to pay a $750,000 penalty for “false and misleading marketing” of the La Trobe Australian Credit Fund (the Fund).

ASIC has slapped the big four bank with a lawsuit claiming it breached the Credit Act, over referrals through its home loan “introducer program” and from unlicensed individuals.

A Reserve Bank of New Zealand-ordered report into Westpac’s local arm has flagged shortcomings in its board’s risk oversight.

The ACCC has decided the $1.2 billion purchase of Citigroup’s Australian consumer business will not dampen competition among local banks.