Clancy Yeates

Clancy Yeates

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

Home loan caps won't stop house price growth: RBA's Philip Lowe

Clancy Yeates and Jonathan Shapiro Imposing tougher lending rules on banks may slow but will not halt house price growth, the Reserve Bank’s deputy governor Philip Lowe says.

Home loans surge after February rate cut, AFG says

Last Wednesday, AFG had its biggest day ever, with brokers writing $280 million worth of business as the property market continues to boom.

Clancy Yeates The country's biggest mortgage broker has reported a 16 per cent surge in the value of home loans it processed last month, confirming last month's surprise cut in interest rates has further fired up...

Regulators examine explosive claims banks are using illegal super switch bait

Financial Services Minister Josh Frydenberg reiterated that offering inducements to win super business was illegal.

Clancy Yeates Financial regulators are investigating explosive claims banks are offering incentives to employers if they switch their staff default superannuation funds to the big banks' retail funds.

CBA beefs up marketing with Vittoria Shortt promotion

CBA chief Ian Narev

Clancy Yeates The Commonwealth Bank has promoted marketing chief Vittoria Shortt to the role of group executive and expanded her role to also take in strategy.

NAB scandal reveals shortcomings with breach reporting

Revelations of misconduct at NAB have exposed gaps in the 'breach reporting' system.

Clancy Yeates Revelations of misconduct in National Australia Bank's financial advice arm have exposed significant gaps in the "breach reporting" system requiring banks to notify the corporate regulator of...

Time for debate on superannuation tax, says Treasury Secretary John Fraser

Secretary of Treasury John Fraser during a Senate hearing at Parliament House in Canberra on Wednesday 25 February 2015. Photo: Alex Ellinghausen

Clancy Yeates Generous tax breaks for superannuation and "middle-class welfare" must be debated as part of the government's attempt to fix deep-seated budget problems, new Treasury Secretary John Fraser says.

Josh Frydenberg rebuffs calls for financial planning commission

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Clancy Yeates The Assistant Treasurer says the government has no plans for a royal commission into financial advice after the latest revelations at National Australia Bank, saying it is already responding to...

ASIC chairman Greg Medcraft says watchdog will expand NAB probe

Greg Medcraft says ASIC was using its formal legal powers to gather more information from NAB.

Clancy Yeates The corporate regulator has entered into talks with National Australia Bank to review compensation of financial advice clients.

Concerns as APRA reveals jump in interest-only loans as RBA cites 'unbalanced' property market

The growth in interest-only loans is not slowing down.

Clancy Yeates The value of new interest-only loans issued by banks, credit unions and building societies expanded by 10.3 per cent to $40.1 billion in the December quarter.

ASIC complex product clampdown embroils banks

ASIC's concerns centre on a group of 10 licensees of such products including HSBC, Westpac Banking Corp, Commonwealth Bank of Australia's subsidiary Count Financial, Genesys Wealth Advisers, and Madison Financial Group.

Clancy Yeates and Joyce Moullakis Banks including the Commonwealth Bank, Westpac and National Australia Bank have been embroiled in a crackdown on complex financial products that has forced 10 advice businesses to take corrective...

Investors taking on more risk under record low rates

The ASX 200 last week touched a six-year high

Clancy Yeates The country's two biggest margin lenders, CommSec and BT, have reported a significant rise in the number of margin accounts being opened each week.

Calls for wider inquiry into financial planning industry

The heat will continue to be on the NAB this week.

Clancy Yeates and Adele Ferguson Calls are growing for a Royal Commission into the entire financial planning industry, as new leaked documents reveal National Australia Bank identified five key areas within its advisory activities...

Interest rate cut gives property market a boost

Conditions in the housing market made the decision to cut rates difficult.

Clancy Yeates This month's interest rate cut appears to have added more fuel to the mortgage market, with the country's second biggest bank recording a 10 per cent lift in home loan applications since official...

Payday lender slapped with record fine of $19m

Dividend growth is outpacing earnings.

Clancy Yeates The Federal Court has handed out a record-breaking fine of $18.975 million against a failed payday lender and its loan funder.

Genworth shares crash as Westpac pulls deal

Genworth Australia chief executive and managing director  Ellie Comerford.

Clancy Yeates Investors have wiped off more than a fifth of the market value of Genworth Mortgage Insurance after one of its biggest customers, Westpac, sent shockwaves through the industry by taking its business...

Bank bubble? Big four hit with sell rating over future earnings doubts

UBS notes that the rally in bank stocks this year has pushed the

Clancy Yeates Is this as good as it gets for major bank shares?

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Mike Smith warns 2015 will be tough after ANZ hits stumbling block in Asia

ANZ chief Mike Smith says 2015 will be a tougher year.

Clancy Yeates ANZ Bank chief executive Mike Smith says the lender faces a tougher environment in 2015, after key businesses driving its push into Asia were hit by tumbling commodity prices and a surprise drop in...

Banking

ANZ shares slump on profit result

ANZ shares closed at a record high of $35.87 on Monday.

Clancy Yeates ANZ Bank's profit growth has been held back by soft conditions in institutional banking and a weak performance from its markets business, sparking a slump in its share price.

Banking

ANZ staff vote down pay rise offer over conditions

ANZ staff have rejected a pay rise over changes to working hours.

Clancy Yeates ANZ Bank staff have rejected the bank's final offer for a new collective agreement, amid concerns working conditions would have been watered down in exchange for pay rises.

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ANZ's Phil Chronican to step down, Mark Whelan to become CEO Australia

Phil Chronican is leaving the job of running ANZ's Australian business.

Clancy Yeates Commercial banking boss Mark Whelan will take over as ANZ Banking Group's Australian chief executive.