Banking & Finance

 

Claims soar as NSW storm clean up continues

Ruth Liew 3:20 PM   Insurance companies have fielded nearly 30,000 claims stemming from the storm that battered New South Wales this week as the clean up continues across the state.

Fundie picks listed targets ahead of M&A frenzy

MELBOURNE, AUSTRALIA - APRIL 23:  The Beaulah Capital senior team L-R Peter Mavromatis Chief Investment Officer  , Tom Elliott Director and Christian Ryan Managing Director pose for a portrait on April 23, 2015 in Melbourne, Australia.  (Photo by Pat Scala/Fairfax Media) *** Local Caption *** Peter Mavromatis; Tom Elliott; Christian Ryan

Sally Rose   Graincorp, along with Nufarm, and Mortgage Choice, are just a few of the stocks Beulah Capital predicts will spike on takeover offers in what the fund manager is tipping to be the busiest period for merger and acquisition activity in the local market for seven years.

Casualties of CBA's rogue advisers still waiting for explanation

ASIC on Thursday published the first in a series of forensic reports into how the CBA handled past wrongdoing in its financial planning arms.

Adele Ferguson   CBA set up a flawed, highly questionable and massively unfair compensation scheme for victims.

CBA offers $5000 to clients for reviews

The report released on Thursday by ASIC could pave the way for further compensation payouts.

Clancy Yeates   Thousands of Commonwealth Bank customers who may have received shoddy financial advice will be offered up to $5000 to spend on an independent review of their files.

How Wall Street came out on gay marriage

Wall Street's evolution on gay rights mirrors a broader shift on the issue in corporate America and society.

The US financial industry, known for a macho culture famously portrayed in the 1987 movie Wall Street, has come to publicly embrace gay rights.

Deutsche, UBS differ on banks' valuations

UBS says NAB is the best value option of the big banks; but claims all banks' shares have reached their peak.

Stephen Cauchi   Deutsche Bank said Australia's big four banks' shares are valued appropriately and they stand out for revenue growth; UBS said their "valuations are stretched".

'We are still cracking down on misconduct', ASIC warns planners

ASIC's Greg Tanzer says investigators have "significant work underway".

Sally Rose   ASIC surveillance persistently shows poor quality advice and the wealth management industry can expect more fines and penalties.

ANZ revives talks to sell $1.2b Panin stake

ANZ is seeking to sell the stake because of rules requiring banks to subtract the entire value of overseas minority investments from Tier 1 capital.

The bank has resumed talks to sell its 39 per cent stake in Indonesian bank after discussions stalled for more than a year, people with knowledge of the matter said.

Smartgroup raises profit guidance 35pc

Smartgroup chairman Michael Carapiet (left) and CEO Deven Billimoria will front the company's first AGM on Thursday since it floated

Shaun Drummond   Car salary packager Smartgroup raised its half-year earnings guidance 35 per cent ahead of its AGM on Thursday morning.

Aussie banks dropping down global rankings

Aussie banks are steadily falling down global customer satisfaction rankings

Shaun Drummond   Australian banks' customer satisfaction rankings are slipping compared to other banks around the world, but they remain the only banks in the Asia-Pacific in the top 10 globally.

Deutsche Bank faces $US2 billion fines over rate-rigging

Deutsche Bank's headquarters in Frankfurt. The $US2 billion in fines that Deutsche Bank reportedly faces over rate-rigging would follow payments by UBS and Barclays.

Karen Freifeld   Deutsche Bank is likely to pay more than $US2 billion ($2.6 billion) to US and UK authorities over the manipulation of benchmark interest rates, according to a person familiar with the matter.

Eclipx outperforms on ASX debut

Eclipx CEO Doc Klotz puts the 20 per cent rise in its offer price down to a unique business model.

Shaun Drummond   The chief executive of newly listed vehicle-leasing and salary-packaging company Eclipx Group, Doc Klotz, says unlike its rivals, the company is not as exposed to changes in government policy and has a consumer-focused business.

Plug gaps in financial adviser register, says industry

NAB

Clancy Yeates   The banking and wealth management industries have backed changes to the government's financial advice register, to prevent planners sacked for giving poor advice from moving to other employers.

FSC makes life insurance clean-up top priority

Financial Services Council CEO Sally Loane said tabling an appropriate response to the Trowbridge report was one of the top items on her agenda as new CEO.

Ruth Liew   The life insurance industry will meet a six-week deadline set by the federal government to respond to concerns about Australia's troubled life sector, financial Services Council boss Sally Loane says.

Insurance claims soar after Sydney saturated

Insurers had fielded more than 20,000 claims totalling more than $130 million by Tuesday.

Ruth Liew   Insurers had fielded more than 20,000 claims totalling more than $130 million by Tuesday stemming from the Sydney storms and the bill is set to climb.

Banks' feel-good ads backfire

Breakable: New research suggests the relationship between banks and their customers is fragile.

Esther Han   New research shows banks' advertising campaigns are viewed with cynicism by customers who are "often on the precipice of leaving".

Finance disrupters still rely on big banks

Despite an explosion of fintech challengers, none are really challenging banks. But bitcoins blockchain might.

Shaun Drummond   Start-ups, tech giants and postal services are all getting into banking, but none are really disrupting banks or card networks.

Credit Suisse profit up 23% on healthy trading, beats views

The resurgence in dealing revenues echoes a similar trend on Wall Street and comes weeks before Tidjane Thiam, left, currently head of British insurer Prudential, takes over as chief executive of the bank from company veteran Brady Dougan.

​Credit Suisse's first-quarter net profit rose 23 per cent, exceeding analysts' expectations, after market volatility boosted securities trading and on gains at its private bank for wealthy clients.

Analysis

Victims of financial advice have waited long enough

Adele Ferguson - dinkus - thumbnail - dink

Adele Ferguson   Forgery, fraud, lives ruined and an industry that is suffering from a crisis in confidence has put the spotlight on the financial services sector.

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Planning industry must 'significantly lift its game': ANZ

ANZ deputy CEO Graham Hodges fronts the Senate on Tuesday.

Clancy Yeates   ANZ deputy chief Graham Hodges says the financial planning industry had more work to do to restore its reputation.

Banks open to industry insurance scheme for bad financial advice

Andrew Thorburn

James Eyers   The big banks have provided conditional support for an industry-wide insurance scheme for clients who sustain losses from dodgy financial advice.

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We need to lift our game on financial advice: banks

Commonwealth Bank chief Ian Narev apologised to customers.

Clancy Yeates and James Eyers   Chief executives confronted their banks' past wrongdoing before a high-stakes Senate hearing in Parliament House on Tuesday.

Rogue financial advisers like 'paedophile priests', claims Nationals' John Williams

Nationals Senator John Williams

Mathew Dunckley   Rogue financial advisers that shifted around the industry from one firm to another have been compared at a Senate inquiry to paedophile priests who were moved around to different parishes when they had done the wrong thing.

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Compo scheme needed for 'forgotten people'

Senator Xenophon said a draft proposal for the scheme would be released in the next month.

Adele Ferguson   A compensation scheme of last resort to help victims of financial misconduct is being revisited as a way to help protect customers and repair the crisis of confidence plaguing the financial planning sector.

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Macquarie's bad apples still working in financial planning

Macquarie logo

James Eyers   Macquarie has revealed some of the 11 planners it has reported for breaching standards to the corporate watchdog have gone on to financial adviser roles elsewhere.

The five questions bank chiefs need to answer at Senate inquiry

One of the concerning aspects of the scandals has been the way that complaints and disputes have been handled.

James Thomson and Clancy Yeates   If the Senate inquiry into financial planning scandals is to have a lasting impact it needs to ask important questions about how the banks are changing. Here are five at the top of our list.

Banks 'clean up' advice cases ahead of hearing

Teagan Couper was involved in a legal battle with CBA over her father's life insurance policy.

Clancy Yeates   On Friday, Teagan Couper was finally able to access funds paid out by the Commonwealth Bank for a life insurance policy for her late father, Noel Stevens.

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Swiss shock spells profit for Aussie investor using swap trade

"After the Swiss National Bank ceased defending the currency, the basis swap really blew out in our favour," said Vivek Prabhu, who helps oversee $4.9 billion of fixed-income assets as deputy head of credit at Perpetual in Sydney. "We took it as an opportunity to add some Swiss franc exposure."

Benjamin Purvis   While Australia may be home to one of the developed world's highest benchmark interest rates, bond manager Perpetual has been looking for extra return in a place where key yields are below zero.

Bank CEOs star in Senate theatre

Senator Sam Dastyari will grill bank bosses on Tuesday in Canberra.

James Eyers   Labor Senator Sam Dastyari will force the bosses of Australia's largest banks to confront a group of victims whose lives have been shattered by financial planning scandals.

Digital bank targets US market with ASX float

Ash Shilkin, managing director of ChimpChange, wants to list on the ASX in September.

Shaun Drummond   Australian "digital bank" start-up ChimpChange has chosen to disrupt US banks, given their high fees for transferring money, but the company is back home to raise funds.