The Commonwealth Bank of Australia is severing its relationship with mortgage brokers who fail to sign up enough customers to their home loans.
Bank staff have reported pressure to "not rock the boat" by calling out unethical or unlawful behaviour, the union representing finance workers says.
Bank staff would have to act in a "fair and ethical manner" without engaging in "pressure sales techniques" under a new code of conduct proposed by an industry-led review.
Banks are issuing customers with credit cards without fully understanding the purpose of the card or the customers' ability to pay back the debt.
A long-awaited review into the governance of industry super funds by former Reserve Bank governor Bernie Fraser has found no grounds for legislation that would force boards to have a minimum number of "independent" directors.
Bendigo and Adelaide Bank shares fell almost 5 per cent on Monday after the lender posted a relatively flat half-year result amid funding challenges and intense competition in the sector.
Life insurers are feeling the impact of the crisis engulfing the $44 billion sector, with AMP hitting shareholders with a $344 million full-year loss and Suncorp signalling it is considering exiting the sector altogether.
Financial advisers inside the banks' wealth divisions are biased towards selling the banks' own life insurance products, the corporate watchdog has told a life insurance inquiry.
The Commonwealth Bank has paid out $23 million to 1800 customers as part of its troubled internal compensation scheme for victims of bad financial advice.
National Australia Bank has been forced to pay $36.5 million in compensation after the regulator revealed it had ripped off hundreds of thousands of superannuation members and knocked back insurance claims to seriously ill customers.