Regulation

Banks are too reliant on regulatory oversight to do what is right for borrowers, the big four boss has said.

ASIC reported a significant increase in the number of ACL and AFSL applications it received in the past year due to licensing reforms, including in debt management services.

The group was aware of the home loan communication issues ME Bank is now facing criminal charges for, before it closed its acquisition.

Members of Parliament are considering ways in which housing affordability can be improved, with one MP suggesting that LMI was a “rort” in need of reform.

Increasing housing supply will help combat rising prices but it’s “not a panacea”, according to a Reserve Bank economic adviser.

Papua New Guinea’s competition regulator has said it will not authorise Kina’s proposed acquisition of Westpac’s PNG and Fiji operations.

The watchdog’s chair has said it is not in the interest of the big four banks or their shared owners to fire up rivalry between them.

Banks that have not met their open banking obligations by November will risk facing enforcement action, the ACCC has cautioned.

The inaugural Financial Regulator Assessment Authority members have been announced, with the former chief executive of Macquarie Bank Limited serving as chair.

The housing market boom and economic rebound grew loan books in the three months to June, but APRA has warned the ongoing lockdowns have made the outlook “uncertain”.