Clancy Yeates

Clancy Yeates

Clancy Yeates reports on banking and finance and is a former Canberra business correspondent.

Are you banking on your future?

Clancy Yeates How much of your wealth is invested in the big four banks? Short answer: possibly more than you think.

Big four banks to raise $134 billion from wholesale markets

The trend helps to lower banks costs, as most of the wholesale money being raised is replacing more-expensive funding that was secured during the global financial crisis.

Clancy Yeates Australia's big four banks are tipped to raise $134 billion from wholesale markets this financial year, the most since 2009-10, as lenders use cheaper global funds to fuel domestic competition.

Fears Australian banks ill-prepared for housing-induced crisis

Only five MPsspent less than 80 per cent of their allowances.

Jonathan Shapiro and Clancy Yeates One of Australia’s largest institutional investors says the main banks are ill-prepared to respond and recover from a housing-induced crisis.

Labor's FOFA rules unworkable, says BT boss Brad Cooper

BT Financial

Clancy Yeates The head of Westpac-owned BT Financial Group says Labor's open-ended requirement for financial advisers to act in their clients' best interests is "unworkable".


Banks weigh risks of advice after FoFA changes

Legal uncertainty: The winding back of the Coalition's FoFA reforms may make it risky for banks to provide some forms of financial advice, the industry says.

Clancy Yeates Banks say turning back to Labor's financial advice laws will make it harder for them to offer key types of advice to customers, because they will face heightened legal uncertainty.

Financial planners furious over FOFA laws rollback

Financial advisers.

Clancy Yeates and Ruth Liew Financial planners will have to start contacting hundreds of thousands of customers and ask them if they want to remain clients from mid next year if the Senate votes to a return to Labor's financial...


FOFA reforms: Senate shock spurs financial adviser scramble

Mathias Cormann may have rolled out a Trojan horse in his spirited defence of the government’s changes to the FOFA rules.

Gareth Hutchens, Clancy Yeates, Ruth Liew The financial planning industry faces a frantic scramble to comply with federal law changes governing how they deal with customers after a dramatic day in the Senate.

Roy Morgan bank rankings 2014: Westpac takes lead with customers

Parting gift from departing chief Gail Kelly: Westpac has beaten Commonwealth Bank to lead in customer satisfaction ratings for the first time in a decade. The ratings are tied to senior executive bonuses.

Clancy Yeates Westpac has overtaken the Commonwealth Bank as the big four lender with the highest customer satisfaction rating, after a year in which CBA's reputation has been tarnished by a financial planning...


Westpac overtakes CBA on customer satisfaction

Parting gift from departing chief Gail Kelly: Westpac has beaten Commonwealth Bank to lead customer satisfaction ratings for the first time in a decade. The ratings are tied to senior executive bonuses.

Clancy Yeates Westpac has overtaken the Commonwealth Bank as the major lender with the highest customer satisfaction rating after a year in which CBA's reputation has been tarnished by a financial planning scandal.


What scrapping the FoFA changes means for you

Advisers would have to satisfy a tougher legal duty to act in the best interests of their clients.

Clancy Yeates If cross-bench and Opposition Senators block the Coalition's rollback of Labor's financial advice laws, as they plan to, we will revert to laws put in place by the Gillard government.


January deadline for NAB fees class action

The class action against NAB over fees has been re-opened to allow more people to join.

Clancy Yeates National Australia Bank customers have until late January to sign up to a class action over about $40 million in bank fees, which the bank is moving to settle.


Would lending restrictions cool the housing market?

The Reserve Bank and Australian Prudential Regulation Authority have not specified what macroprudential policies they may choose for Australia, but economists reckon they will probably include brakes on lending to investors.

Clancy Yeates There is a growing expectation regulators will soon introduce lending restrictions, known as "macroprudential" policies. But how much difference would this really make?


Australia-China FTA provides opportunities for Australian financial services

Financial services

James Eyers, Clancy Yeates and Ruth Liew Australian banks have the green light to expand branch networks in China, local fund managers will be able to invest on behalf of Chinese institutions, and Australian insurers will write Chinese...


Business welcomes Australia-China free trade deal


Max Mason, Ruth Liew, Clancy Yeates, Stephen Cauchi, Tim Binsted The Australian business community has hailed the finalisation of a free trade agreement with China as bringing opportunities throughout the economy including financial services, agriculture and...

Former NAB chief Cameron Clyne's pay packet shrinks

Cameron Clyne also missed out on up to $19 million worth of equity used as a long-term incentive, which lapsed during the year.

Clancy Yeates Former National Australia Bank chief Cameron Clyne received a pay cut of more than $1 million in his statutory remuneration after millions in performance shares lapsed in the last financial year.


New Westpac chief Brian Hartzer under pressure to close branches

Dramatic change in branch numbers is unlikely.

Clancy Yeates Incoming Westpac chief executive Brian Hartzer faces market pressure to cut costs by closing low-returning branches, as he puts technology at the centre of the bank's growth strategy.

G20 leaders to endorse plan to make global banking giants more resilient

A visitor walks through the media centre ahead of the G20 Summit in Brisbane on November 13, 2014. Brisbane will host the G20 Leadership Summit on November 15-16. AFP PHOTO/Peter PARKS

Clancy Yeates Preventing taxpayer-funded rescues of the world's biggest banks will be one of the top priorities for global leaders meeting in Brisbane this weekend.

New Westpac boss Brian Hartzer to focus on technology, efficiency

Brian Hartzer will take the reins from Gail Kelly in 2015.

Clancy Yeates New Westpac chief executive Brian Hartzer has pledged to maintain strong shareholder returns by focusing on technology and lifting efficiency at Australia's second-largest bank.


Brian Hartzer to maintain Westpac's retail focus, analysts predict

Brian Hartzer

Clancy Yeates Third time lucky: Gail Kelly's successor has been overlooked for the top jobs at ANZ and Commonwealth Bank before rising to the helm at Westpac.


Westpac chief Gail Kelly steps down, to be replaced by Brian Hartzer

Outgoing Westpac chief Gail Kelly.

Max Mason, Clancy Yeates Westpac chief executive Gail Kelly is stepping down from the bank she has led since 2008.

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