Clancy Yeates

Clancy Yeates

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

ANZ says administrative error behind $30m compensation

Larissa Nicholson and Clancy Yeates ANZ chief executive Mike Smith said an administrative error was behind its failure to provide promised services to clients, but they would not have been financially worse off as a result.

ANZ $30m financial advice compensation payment prompts calls for inquiry

It said it was looking into

Clancy Yeates The announcement has re-ignited calls for a royal commission into the financial advice sector.

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ANZ Bank's Mike Smith says we are obsessed with iron ore


Clancy Yeates ANZ chief executive Mike Smith says the price of iron ore should not be equated with the broader economy's health.

Clydesdale fine won't delay UK exit: NAB's Andrew Thorburn

NAB CEO Andrew Thorburn on Wednesday said the fine, announced Tuesday night, was a 'very disappointing' outcome.

Clancy Yeates National Australia Bank chief executive Andrew Thorburn says a $40 million fine imposed on its United Kingdom arm Clydesdale Bank over mis-selling will not delay his plans to sell the lender.

Aussie Home Loans chief executive James Symond says greater oversight of banks is likely

Aussie Home Loans CEO James Symond says banks are already taking a more cautious approach to their lending.

Clancy Yeates New Aussie Home Loans chief James Symond believes regulators will impose 'further levers' on the banks in response to rising house prices.

Rental yields plummeting

Rental yields plummeting (Thumbnail)Click to play video

Clancy Yeates Annual return in rental yields in Sydney and Melbourne are now near record lows. Personal finance editor John Collett and business reporter Clancy Yeates discuss.

HSBC says Australian banks well positioned to meet growing Asian demand

Tony Cripps of HSBC says Asian growth will be a key target for banks.

Clancy Yeates HSBC Australia chief executive Tony Cripps says Australian banks will have advantages over regional rivals as they look to target the growing demand for financial services in the region.

Coal makes a comeback thanks to carbon price repeal, emissions rise

At present, there's nothing to stop us thinking coal will continue to play a dominant, even growing, role.

Clancy Yeates Nine months after the carbon price was repealed, the good times are back for some of the most carbon-intensive electricity generators in the developed world.

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NAB finds more parents use assets to help children buy into first homes

National Australia Bank says the proportion of first home buyers signing up for loans who have the backing of their family has lifted to 6.7 per cent from 4.8 per cent in 2010.

Clancy Yeates The pace of house price growth is prompting more parents or other family members to put their assets on the line by guaranteeing home loans taken out by first home buyers, new figures show.

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Banks look vulnerable as lucrative loans market gets personal online

Borrowing for a wedding is a typical transaction.

Clancy Yeates Peer-to-peer lenders are yet another rival eyeing a cut of the concentrated money-lending industry.

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Bank fee class action headed for High Court

The Federal Court has overturned a ruling on credit card fees that could have cost the major banks tens of millions of dollars.

Clancy Yeates ANZ Bank successfully challenged a ruling that some credit card late payment fees were "extravagant, exorbitant and unconscionable".

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ANZ credit card late fees ruling overturned by Federal Court

The Federal Court has overturned a ruling on credit card fees that could have cost the major banks tens of millions of dollars.

Clancy Yeates A landmark ruling that credit card late payment fees charged by ANZ were illegal has been overturned on appeal in the full Federal Court.

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Generation Y professionals are less loyal to their banks, KPMG survey reveals

Generation Y is a key demographic for banks, as they will become a large customer group over the coming decades as they amass more wealth and demand a greater range of financial products.

Clancy Yeates Young professionals are becoming less loyal bank customers and are increasingly open to new forms of technology, underlining the potential for "disruption" in the industry, new research suggests.

Matter of stats unseen in productive digital economy

Clancy Yeates While some fast-growing online businesses are highly visible, they are only a small part of the digital transformation that's sweeping the economy beneath the surface.

Economy's challenges go beyond interest rates, says NAB's Gavin Slater

National Australia Bank's head of retail banking Gavin Slater.

Clancy Yeates National Australia Bank head of personal banking Gavin Slater has questioned the extent to which a further interest rate cut can spark an economic rebound

Savers suffer as banks cut deposit interest rates

Savers are bearing the brunt of sharp cuts in deposit interest rates in excess of Reserve Bank changes after two of the country's big banks reduced rates further on key online savings accounts.

Clancy Yeates New figures show the major banks have lopped between 65 and 88 basis points off their online "bonus" saver rates in the past year.

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Survey: banks improve customer satisfaction in years since 2001 branch closures

Back in 2001, less than 60 per cent of customers were happy with their bank. Now, almost 83 per cent are.

Clancy Yeates Surveys put total customer satisfaction at a 19-year high.

Customers may be slugged for bigger bank safety net


James Eyers and Clancy Yeates Two of Australia's largest banks are warning that interest rates could rise if they are made to carry more capital.

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CBA says deposit tax may be passed on to customers

The May budget is set to introduce a $500 million tax on deposits to cover the governments' costs for a bail-out.

James Eyers and Clancy Yeates Commonwealth Bank of Australia says the federal government's $500 million-a-year tax on bank deposits might be passed on to customers.

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Westpac's Jason Yetton signals potential of peer-to-peer lending and crowdfunding

Senior Westpac banker Jason Yetton.

Clancy Yeates Banks face growing competition from nascent online industries including peer-to-peer lending, which allow savers to directly fund borrowers via a digital platform, and crowdfunding, which raises an...