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'Why not litigate?' ASIC vows more civil, criminal cases against banks

'Why not litigate?' ASIC vows more civil, criminal cases against banks

But the challenges of fighting the banks in court was underlined by a Federal Court decision on Friday to fine Westpac a "paltry" $3.3 million

  • by Clancy Yeates

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'Leprosy spores': UBS sued over billions in 'catastrophic' bonds
World markets

'Leprosy spores': UBS sued over billions in 'catastrophic' bonds

The banking giant knowingly put investors at risk with securities that employees privately derided, fuelling the GFC, the US alleges in its 302-page claim.

  • by Patricia Hurtado
Banks warn rules will push consumers into 'unregulated shadows'
Banking royal commission

Banks warn rules will push consumers into 'unregulated shadows'

Banks say changes to how they lend to customers it would make it harder for people and businesses to get loans.

  • by Clancy Yeates & Sarah Danckert
'Ridiculous': Judge challenges ASIC's push to fine Westpac $58m
Interest rates

'Ridiculous': Judge challenges ASIC's push to fine Westpac $58m

ASIC has asked the court to fine Westpac $58 million for rigging a key interest rate, while the bank is arguing it should be fined $3.3 million.

  • by Sarah Danckert
Regulator proposes lifting capital requirements for big four banks
Big four

Regulator proposes lifting capital requirements for big four banks

The banking regulator says the major banks' funding costs are likely to be nudged higher by a new proposal to boost capital requirements.

  • by Clancy Yeates
Revealed: bank royal commission rap sheets made public
Banking royal commission

Revealed: bank royal commission rap sheets made public

The big banks had to confess their sins to the Kenneth Hayne to guide his inquiry now those admissions have been released.

  • by Sarah Danckert, Clancy Yeates & John Collett
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CBA's focus on profits was an 'imbalance,' its chairman concedes
Big four

CBA's focus on profits was an 'imbalance,' its chairman concedes

CBA chairman Catherine Livingstone said this imbalance was 'unacceptable' as too often the focus on profitability left customers worse off.

  • by Clancy Yeates
Westpac chief takes $500,000 pay cut as bank slashes executive bonuses
Big four

Westpac chief takes $500,000 pay cut as bank slashes executive bonuses

Westpac CEO has seen his pay drop nearly 10 per cent after a year in which profits were flat and the bank was hauled across the coals at the royal commission.

  • by Alex Druce
CBA books $2.5 billion quarterly cash profit as few loans go sour
Big four

CBA books $2.5 billion quarterly cash profit as few loans go sour

Commonwealth Bank unaudited cash profit was about $2.5 billion in the three months through September as charges for bad debts stayed at historic lows.

  • by Clancy Yeates
ASIC wants to be top cop on super beat
Banking royal commission

ASIC wants to be top cop on super beat

The corporate cop would take the lead in policing conduct in the $2.8 trillion superannuation sector under a proposed shake-up by the country's two top financial regulators.

  • by Clancy Yeates
How to avoid a different kind of hangover on Melbourne Cup day
Opinion
Financial planners

How to avoid a different kind of hangover on Melbourne Cup day

It’s the race that stops the nation and according to data by CBA, it brings a halt to our consumer spending.

  • by Olivia Maragna