Banking royal commission: Suncorp admits to failings on small business contracts | Australia news

Suncorp has admitted it has failed to complete a review of its standard small business contracts to see if they comply with new unfair contract laws, despite a request from the corporate regulator to do so in 2016. It also conceded it has failed to tell its small business customers …

Banking royal commission sparks more complaints to ASIC over finance misconduct

Banking royal commission sparks more complaints to ASIC over finance misconduct

Updated May 31, 2018 06:21:18 The banking royal commission has unleashed a deluge of fresh complaints and admissions about misconduct in the finance sector, the corporate regulator has revealed. Customer complaints about banks to the Australian Securities and Investments Commission (ASIC) are up almost 20 per cent in the year …

Banking royal commission continues small business loan hearings

Banking royal commission continues small business loan hearings

Posted May 30, 2018 09:55:17 The Commonwealth Bank continues to be in the spotlight for its handling of business loans lent by subsidiary Bankwest and subsequently called in, sending many small and medium-sized firms and their owners into bankruptcy. CBA’s chief risk officer David Cohen is the most senior bank …

Banking Royal Commission told Bankwest ‘cash grab’ sent Hobart businessman bankrupt

Banking Royal Commission told Bankwest ‘cash grab’ sent Hobart businessman bankrupt

Updated May 29, 2018 15:55:37 Photo: Developer Michael Doherty says he was sent bankrupt by rates and fees. (AAP: Tracey Nearmy) Related Story: Hadleys Hotel calls in receivers Tasmanian hotel developer Michael Doherty has told the banking royal commission crippling fees charged by Bankwest helped bring down his business. In …

Banking royal commission hears of Bankwest’s unfair business lending

Banking royal commission hears of Bankwest’s unfair business lending

Posted May 29, 2018 09:41:28 The banking royal commission is continuing its focus on small and medium business lending, looking at unfair, unilateral changes to borrowers’ loan conditions by Commonwealth Bank subsidiary Bankwest. Follow the live blog for the latest evidence and analysis. Topics: banking, royal-commissions, small-business, australia Source link

Retirement nest eggs diluted by unnecessary fees and underperforming funds, Productivity Commission says

Retirement nest eggs diluted by unnecessary fees and underperforming funds, Productivity Commission says

Posted May 29, 2018 04:55:40 Australia’s superannuation system is “an unlucky lottery” for many members with retirement nest eggs being diluted by unnecessary fees and underperforming funds, according to an landmark study out today. Key points: A draft report by the Productivity Commission warns that multiple super accounts and subpar …

Banking royal commission to examine business loan foreclosures

Banking royal commission to examine business loan foreclosures

The banking royal commission enters its second week of hearings on small business loans, with today’s focus set to shift to the Commonwealth Bank’s foreclosure of many Bankwest business loans after it bought the lender in the wake of the financial crisis. Source link

Banking royal commission might not have shock value, but this week will likely have a big impact

Banking royal commission might not have shock value, but this week will likely have a big impact

Posted May 26, 2018 05:17:53 Don’t think the royal commission has lacked impact this week, just because it has lacked shock: banks stealing money from dead clients, tailors helping to write $122 million in loans or financial planners stooging clients to enrich themselves. It sounds incredible, but the failed ice-cream …

No criminal charges to be laid from Northern Territory youth detention royal commission

No criminal charges to be laid from Northern Territory youth detention royal commission

Updated May 24, 2018 19:23:08 Photo: Children’s Commissioner Colleen Gwynne has previously said she wanted a firmer commitment. (ABC News: Tristan Hooft) Northern Territory Police will not be laying criminal charges as a result of the Royal Commission into Youth Detention and Child Protection, and have declined to give any …

Banking royal commission: Commonwealth Bank delayed writing to overcharged business customers

Banking royal commission: Commonwealth Bank delayed writing to overcharged business customers

Posted May 24, 2018 18:29:32 A Commonwealth Bank executive has admitted the bank put off writing to overcharged small business customers so that he could avoid being grilled at a parliamentary hearing. Key points: CBA executive Clive van Horen back in royal commission witness box, says business customers were overcharged …