ASIC slams banks and financial institutions for creating ‘trust deficit’

ASIC slams banks and financial institutions for creating ‘trust deficit’

Updated May 17, 2018 12:00:21 ASIC chairman James Shipton has slammed banks for creating “a trust deficit” after widespread unethical and unlawful conduct revealed at the financial services royal commission. In one of his first public speeches since being appointed, Mr Shipton said the royal commission highlighted the “totally unacceptable …

Young carers welcome boosted mental and financial support but want more help into adulthood

Young carers welcome boosted mental and financial support but want more help into adulthood

Updated May 17, 2018 06:39:02 Photo: Megan May helps care for her brother Simon, who has autism (ABC News: Andrew Kennedy) Megan May shoulders more weight than many people her age. The 19-year-old has cared for her sibling Simon, who has autism, since she was in primary school. Both of …

Cashless welfare card causing ‘horrible’ financial stress, more dependence, participants say

Cashless welfare card causing ‘horrible’ financial stress, more dependence, participants say

Posted May 15, 2018 08:53:24 Photo: Single parent and Kalgoorlie resident Gloria Smith cares for her son, who has a disability. (ABC Goldfields: Tom Joyner) Participants in the latest trial of the cashless welfare card in Western Australia’s Goldfields say the program has caused them “horrible” financial stress and greatly …

Q&A: Australia not prepared for financial crisis, chair of peak body for company directors warns

Q&A: Australia not prepared for financial crisis, chair of peak body for company directors warns

Updated May 15, 2018 00:13:29 Australia is not prepared for a global economic downturn, the chair of the peak body for company directors has said. Both major parties have promised billions of dollars in tax cuts for low to middle income earners, and the Coalition wants to eventually abolish the …

Budget 2018: Mobile blackspot funding to drop out at end of next financial year – ABC Rural

Budget 2018: Mobile blackspot funding to drop out at end of next financial year – ABC Rural

Regional and rural mobile phone users are among the big losers in last night’s budget with no funding for Australia’s mobile phone blackspot program beyond the next financial year. Deputy leader of the Nationals and Minister for Regional Communications, Bridget McKenzie, this morning defended the Federal Government’s investment in regional …

Commonwealth Bank confirms loss of nearly 20 million customers’ financial statements

Commonwealth Bank confirms loss of nearly 20 million customers’ financial statements

Updated May 02, 2018 22:56:39 The Commonwealth Bank has confirmed it lost the historical financial statements of nearly 20 million accounts but insists its customers’ information has not been compromised. The statements, containing customers’ names, addresses, account numbers and transaction details from 2000 to 2016, were stored on two magnetic …

Banking royal commission has laid bare the financial industry’s toxic culture

Banking royal commission has laid bare the financial industry’s toxic culture

Updated April 28, 2018 09:55:58 Think about where you work. Where you’ve worked. The local community group you’re involved in. Your sports team, the one you initially loved but didn’t quite gel with so you left. That is culture. Culture is hard to define and easy to dismiss but the …

Banking royal commission: financial advice groups under scrutiny – live | Australia news

2.15am BST02:15 Asic has taken on only six civil penalty proceedings against licensees since 2013. Four of them were commenced this year. Orr wants to know why. “You can only use civil penalty proceedings to address conduct that occurred after [2013] so there needs to be a period in which …

One in five Australians use a financial planner — but it’s not worth the risk

One in five Australians use a financial planner — but it’s not worth the risk

Updated April 27, 2018 05:19:47 Once again the banking royal commission nailed it. Take this question from counsel assisting the commission, Rowena Orr, to the head of the Association of Financial Advisers (AFA), Philip Kewin: “How can an organisation that is seeking to make itself attractive to potential members in …

Banking royal commission: penalties for financial advisers in spotlight – live | Australia news

1.12am BST01:12 De Gori is being quizzed about contact Henderson made with the investigating officer and with himself, about McKenna’s complaint. De Gori didn’t respond to an email from Henderson. He defends not telling Henderson his email was inappropriate, instead saying said that by not responding he was sending a …