Clancy Yeates

Clancy Yeates

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

ANZ Banking Group shareholders lodge protest vote against remuneration

Clancy Yeates and Simon Evans Shareholders in ANZ have lodged a significant protest vote against the bank's remuneration policies.

Basel 4 could lead to rates rise on low-deposit home loans

Global regulatory changes might make home loans with smaller deposits more expensive.

James Eyers and Clancy Yeates The looming regulatory reforms known as Basel 4 could make it harder, or more expensive, for first-time home buyers to get a mortgage, a leading global banking lawyer says.

Financial planner code of ethics in spotlight

Comcare will pay for the woman's chronic fatigue symptoms.

Clancy Yeates Financial planners will be able to comply with a mandatory code of ethics without joining an independent professional body under proposed laws.

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New laws target financial planner ethics and education standards

Financial advisers will be subject to stricter educational and ethical standards over the coming years.

Clancy Yeates The government will require all new financial planners from 2017 hold a degree, pass an exam and spend a year developing their professional skills under new proposed laws.

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Wages are weak, so why is spending lifting?

Household spending is gradually rising.

Clancy Yeates Household spending is gradually returning to levels that are more normal, despite record low wage growth.

NAB, ANZ and Westpac cut deposit interest rates

Pressure on banks' profit margins is prompting them to cut online deposit account interest rates.

Clancy Yeates The cuts to what were already very low interest rates for savers come after the big four raised their home loan rates.

Westpac meets investors over pay stoush

Westpac has been criticised for putting software write-off charges 'below the line'.

James Eyers and Clancy Yeates Several large fund managers were on Monday seeking meetings with Westpac to discuss its accounting policies and said they expect to make a decision about how they will vote at next...

Housing investor loan growth dips below APRA threshold

Lending to property investors has emerged as a key concern over the last year.

Clancy Yeates The value of outstanding loans to property investors rose 9.7 per cent in the year to October, which was the slowest annual expansion since September last year.

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Westpac investors urged to vote 'no' on pay

Gail Kelly was the biggest beneficiary of the earnings per share hurdles being met, Ownership Matters said.

Clancy Yeates Westpac shareholders are being urged to vote against its remuneration report by a leading governance advisory firm.

Australia lags on 'P2P' payments

New figures show 38 per cent of people still use cash for payments of more than $100.

Clancy Yeates Australia is heavily reliant on old methods such as cash, cheque or electronic bank transfers for payments between people, or P2P payments.

CBA executive running compensation scheme moves to new role

CBA has appointed a new executive to run its compensation scheme for customers who received bad financial advice.

Clancy Yeates The Commonwealth Bank has appointed a new head of its compensation scheme for customers who received dodgy financial advice, a program it expects to continue running for another year.

Fintechs too keen on banks' 'bits and pieces', says ANZ tech chief

ANZ Bank's technology chief says there is an opportunity for start-ups to target big events, like buying a house, rather than specific products.

Clancy Yeates ANZ's technology chief says start-ups trying to challenge banks are too often focused on pinching small pieces of business.

PayPal shoppers will be able to pay via Eftpos

Clancy Yeates Shoppers using PayPal are set to be able to make real-time payments via Eftpos as the local pioneer of electronic payments pushes into online transactions.

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CBA to pay out $80 million in refunds to customers

Commonwealth Bank is the country's most profitable.

Clancy Yeates CBA, the country's most profitable bank, will refund $80 million to customers for not honouring discounts, the third bank this year paying back money for its mistakes.

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FoFA changes a boon for planners

Assistant Treasurer Kelly O'Dwyer.

Sarah Danckert and Clancy Yeates Financial planners will be allowed to charge clients fees for two months after their contracts have expired.

APRA data shows bank curbs weigh on property investor lending

Loans to property investors made up 34.9 per cent of new lending approved in the quarter, which was the lowest share in two years.

Clancy Yeates Australian Prudential Regulation Authority data on Tuesday showed the value of loan approvals for property investors fell to $32.39 billion in the three months to September 30

Banks eye mortgage growth with fixed-rate cuts

Several banks have recently cut three-year fixed mortgage rates.

Clancy Yeates Banks are competing for new home loan customers by cutting key fixed interest rates, new figures show.

HBOS took 'high inherent risks' in Australia in dash for growth, says Bank of England

Clancy Yeates The Bank of England has slammed former Bankwest owner HBOS's willingness to undertake risky transactions in Australia in the lead-up to the GFC.

JPMorgan rapped by ASIC for 'significant and repeated' compliance failures

JPMorgan has entered into an enforceable undertaking over problems with its disclosure of a licence exemption.

Clancy Yeates Three different arms of JPMorgan have entered into an enforceable undertaking with the corporate watchdog after repeated failures to comply with conditions of a license exemption.

How the Christmas credit card bill is becoming less shocking

December is almost always the biggest month for credit card spending.

Clancy Yeates Over the next month or so, shoppers will binge on credit cards like at no other time of the year. But it's not as sharp a jump in card spending as it used to be.