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Banking & Finance

Current problems 'child's play' compared to looming super squeeze, says AMP chief

James Eyers 5:06pm The federal government's move to leave the superannuation guarantee at 9.5 per cent only adds to looming pension problems that will take Australia down the path of struggling European economies and make the current budgetary malaise look like child's play, AMP chief executive Craig Meller warns.


Loans growth short of forecasts with business lending flat

Fixed mortgage rates: the pros and cons (Thumbnail)

MARK MULLIGAN 1:25pm Lending by banks and other financial institutions expanded at a slower pace than expected in August, as growth in mortgages failed to compensate for flatness in the business sector.


Lenders expect Rio Tinto to miss Mongolia deadline

Wearing hard hats in the iron ore glut: Rio's debt investors benefit from the miner's push to reduce production costs to the lowest among its rivals.

PETER KER 1:02am Lenders toward the second stage of the Oyu Tolgoi mine in Mongolia do not expect Rio Tinto to meet this week's funding deadline.

Financial Advice laws reversal to go ahead

Finance minister Mathias Cormann.

Gareth Hutchens and James Massola The federal government looks set to secure its plans to wind back Labor's rules governing financial advice.


Bank shares could fall further in system overhaul, Macquarie warns

Financial system inquiry chairman David Murray's efforts to reduce the impact of a bank failure on the economy could slash bank valuations by up to 14 per cent, a Macquarie report says.

James Eyers The valuations of Australia's big banks could be sliced by up to 16 per cent and bank share prices could fall further if the Reserve Bank of Australia targets lending through macroprudential policy and the financial system inquiry forces banks to hold more capital for being "too big to fail".


Bank hybrids on the Australian Securities Exchange are under water

The Reserve Bank has warned  about the risks of investing in bank hybrids.

James Eyers More than half of bank hybrids listed on the Australian Securities Exchange are trading below their issue price, leaving some investors – who have invested a total of $15 billion in the controversial instruments – facing capital losses.

FOFA reforms on ticking deadline

Finance Minister Mathias Cormann: Plan is not an embarrassment.

GARETH HUTCHENS A Senate committee has warned the government that the regulations it used to water down laws surrounding financial advice could themselves be repealed in a little over two months.

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Aussie Home Loans' John Symond says housing solution lies in supply

An orderly supply of housing is what is needed.

Shaun Drummond Aussie Home Loans executive chairman John Symond says governments should dampen property prices by increasing housing supply rather than regulators intervening to douse demand.

Reserve Bank of Australia Governor Glenn Stevens says loan limits 'worth a try'

RBA Governor Glenn Stevens has sought a weaker currency to spur economic growth, now the international investors in the nation's debt are suffering the consequences.

Stephen Cauchi The use of macroprudential tools to cool down the housing market was "sound and sensible" with "not much downside", Reserve Bank Governor Glenn Stevens told a leading economic forum on Thursday.


RBA's Glenn Stevens sceptical but open to limits on investor loans

Reserve Bank governor Glenn Stevens says the

Stephen Cauchi Reserve Bank of Australia Governor Glenn Stevens may consider some limits home loans to investors to stop distortions in the housing market.

Half-baked push leaves FSC red-faced

Adele Ferguson dinkus Dinkus

ADELE FERGUSON If there is one thing the financial services sector can agree on it is that public trust in the financial planning industry has hit rock bottom. How to repair the damage is being hotly disputed and putting the industry at war with itself.

Critics slam Financial Services Council proposal to set up regulatory body

Financial Services Council chief John Brogden.

GARETH HUTCHENS Critics have slammed the call for an independent governing body for the financial planning industry as little more than a "distraction" from the Abbott government's controversial financial advice rules, which are likely to face a senate vote this week.


New boss for nation's biggest life insurer

TAL insurance

SALLY ROSE Australia’s largest life insurer TAL has confirmed that the head of its life insurance division Brett Clark will succeed retiring group chief executive Jim Minto from April next year.


National Australia Bank weighing sale of insurance unit: sources

NAB's insurance unit is estimated to be worth $800 million.

National Australia Bank, the country's fourth-biggest lender by market value, is weighing the sale of its insurance unit, which has been a drag on its earnings and capital, people familiar with the matter told Reuters.


Rogue trader sparks Deutsche inquiry

The bank uncovered ­irregularities in the way currency trader Andy Donaldson was valuing his currency trades and failing to disclose losses.

Bianca Hartge-Hazelman The corporate watchdog is expected to examine Deutsche Bank’s internal reporting systems and compliance regime in Australia as part of its ­investigation into a rogue currency trader who cost the investment bank up to $5 million.


JBWere exec claims $4.5m for sex harassment

JB Were

Hannah Low A former Queensland state manager of JBWere claims she was sexually ­harassed and bullied to stand down from her high-paying job after taking time off to have two children.


Financial Services Council calls for independent governing body

GARETH HUTCHENS The Financial Services Council has become so concerned about the level of public distrust in the financial planning industry that it is calling on the Abbott government to establish an independent governing body.

$50m in rogue trades tipped by Deutsche Bank forex dealer

Deutsche Bank confirmed that former currency trader Andy Donaldson was first suspended and then fired in June after the bank uncovered ­irregularities.

Bianca Hartge-Hazelman The currency trader sacked by Deutsche Bank in Australia for trying to ­conceal losses that cost the bank up to $5 million may have overstated his trades by millions of dollars more before internal controls caught up with him.


Apple set to muscle in on banks $9 billion card game

Banks may have little choice but to put up with Apple Pay.

Shaun Drummond Banks and credit unions are in close talks with Visa to work out whether they will have to give up some of their estimated $9 billion in payments revenue to Apple.


Return of the 'millionaire's factory': Macquarie Bank splashing the cash again

Nicholas Moore's pay packet increased by almost 50 per cent this year to $13.1 million

Vanessa Desloires Macquarie Bank – famously known as “the millionaires factory” – is back on top, with chief executive Nicholas Moore and his management team taking out three of the top five places on this year’s list of highest paid executives.


Bank of Queensland to pay $17m to Storm investors

Bank of Queensland will pay $17 million in compensation to customers caught up in the Storm Financial scandal.

Deutsche Bank fires rogue forex trader

Deutsche Bank confirmed that former currency trader Andy Donaldson was first suspended and then fired in June after the bank uncovered ­irregularities.

Bianca Hartge-Hazelman A Deutsche Bank foreign exchange trader has been sacked and is under investigation by Australian regulators for inflating trades and costing the investment bank up to $5 million in losses, Fairfax Media can reveal.


Penske File exposed: Macquarie Group's cheat sheet made public

Macquarie logo

Adele Ferguson and Ben Butler It is the cheat sheet at the centre of the Macquarie Private Wealth scandal that the millionaires' factory and the corporate regulator, the Australian Securities and Investments Commission, refuses to confirm or deny exists.


Scottish independence rejection a boost for NAB

NAB's new chief Andrew Thorburn.

CLANCY YEATES National Australia Bank's chances of selling its British assets have been bolstered by Scotland's decision to reject independence in this week's historic referendum.


Macquarie's secret interest in van Eyk funds

Documents reveal Macquarie had an option to take a sizeable share of any sale proceeds from the now-failed van Eyk Blueprint fund management business.

Sarah Thompson and Jemima Whytre Macquarie Group struck a secret deal to profit from the sale of the now-failed van Eyk Blueprint fund management business at the same time it was the responsible entity charged with protecting investor interests.

Ex-Goldman banker floats big four break-up

<i>Illustration: Chris Pearce</i>

CLANCY YEATES Former Goldman Sachs co-chairman Alastair Walton says policy-makers should consider breaking up the big four banks, as part of a radical overhaul aimed at boosting competition and improving stability.


We won't push property: Ray White defends financial advice move

Ray White

GEORGIA WILKINS Ray White, the country's biggest real estate agency, has defended its push into the financial advice space, saying it will not use the business to spruik property.


Bitcoin moves towards mainstream with eftpos cards

A trial of the first eftpos cards linked to bitcoin accounts will be done with about 100 people over the next couple of weeks, and then they will be made available generally.

Shaun Drummond Melbourne-based bitcoin exchange Coinjar is hoping to nudge the digital currency into the mainstream next month with the offer of the first eftpos card in Australia linked to a bitcoin account.


Ray White move into financial planning advice raises concerns

A good financial planner sets aside some of your nest egg in cash,  enough to last two or three years.

GEORGIA WILKINS Consumer groups, lawmakers and financial planning bodies have expressed concern over the move by one of the country's biggest real estate agencies to enter into the financial advice sector.


ASIC pings NAB and Westpac over misleading customers

NAB and Westpac are the first of the big four banks to be caught in the corporate regulator's crackdown on company ads and promotions.

CLANCY YEATES National Australia Bank and Westpac have been fined for making misleading statements to customers, becoming the first big banks to be caught in the corporate watchdog's campaign on corporate advertising this year.

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