Sunday, 17 February, 2019

Inquiry refers scandal-hit Australian banks to watchdogs

Australia vows to clean up finance sector D-Day for Australian banks as bombshell inquiry report set for release
Russell Knight | 08 February, 2019, 11:37

Shares in the big banks have surged at the start of trade, with investors apparently relieved that financial services royal commission had not recommended harsher measures.

On Tuesday, NAB said Thorburn had cancelled his two-month leave after the release of the year-long inquiry.

Mr Booth says the royal commission has highlighted the need for high standards across the financial services sector. "I'm back", he said. "That is the Ken Henry I know, not the Ken Henry I read about in the Ken Hayne report".

Mortgage brokers took a hit in early trade after the Hayne report recommended reforms to trailing commissions, with Mortgage Choice down more than 32 per cent and Australian Finance Group losing more than 30 per cent.

Among the financial planners, which would have to disclose the commissions they receive for selling wealth management products under the report's recommendations, shares of AMP Ltd and rival IOOF Ltd rose about 10.0 percent and 8.0 percent, respectively.

Mr Baird is chief customer officer of the retail bank and along with Angela Mentis, who runs NAB's New Zealand operations, is considered a future contender for the top job.

ONE of Australia's most respected regulators today warned banks might quickly forget the torrent of criticism they received from the Hayne royal commission.

The Royal Commission made 76 recommendations in its final report that included a renewed focus on the corporate and prudential regulators which, it said, should be subjected to a new oversight authority.

"More particularly, I was not persuaded that NAB is willing to accept the necessary responsibility for deciding, for itself, what is the right thing to do, and then having its staff act accordingly".

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His 1961 Reds team lost the Series to the Yankees in five games while his 1969 Orioles lost that World Series to the Miracle Mets. In the six years Robinson spent as an Oriole, the team went to the World Series four times, winning twice in 1966 and 1970.

"We have said we are not prepared to accept good intentions where urgency, consistency and discipline is required".

"Having heard from both the CEO, Mr. Thorburn, and the chair, Dr. Henry, I am not as confident as I would wish to be that the lessons of the past have been learned", Commissioner Hayne said in his final report, released late Monday.

"And given the seismic nature of this royal commission's findings, I think it's absolutely incumbent upon the government to ensure that parliament sits for as long as it needs to implement the recommendations".

"I'm talking with you to try to communicate that I know what the plan should be and I'm committed to seeing it through". The Board has led a deep examination of our culture, governance and accountability.

In another interview with Melbourne's 3AW radio station, Thorburn again admitted the bank had not fixed mistakes fast enough, but said it had put in changes "to put our customers first again" before the report was handed down.

NAB chairman Ken Henry addresses NAB's 2018 annual general meeting in Melbourne on Wednesday, December 19, 2018.

"That tells me that there is a recognition that what brokers provide helps competition and aids consumers, and I don't think anyone wants to throw that out immediately".

"Overall, my fear - that there may be a wide gap between the public face NAB seeks to show and what it does in practice - remains", the report said.

"We don't want the work that is now with 25,000 small business and people working within the mortgage broking industry just simply to go to the big banks", he said.

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