Three of Australia’s “big four” banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon, who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. …
Australia financial shares surged the most in a decade after an inquiry into decades of wrongdoing stopped short of demanding a structural overhaul of the scandal-plagued industry or tighter lending rules that threatened to crunch bank profits. While banks will …
Australia’s corporate regulators will be subjected to a new oversight body in a shake-up of the banking sector recommended by a high-powered independent inquiry into financial sector greed and malpractice. The government-appointed inquiry known as a Royal Commission also recommended …
For nine months a quasi-judicial public inquiry into Australia’s financial system has heard allegations of bribery, fraud, board-level cover-up, abuse of power and the charging of fees for no service. As the inquiry nears its end, the following is a …
An inquiry that has exposed rampant greed and wrongdoing in Australia’s major banks and wealth managers wraps up this week ahead of a final report which could trigger sweeping reform of the financial sector of the world’s 12-largest economy. Dismissed …
Commonwealth Bank of Australia Chief Executive Officer Matt Comyn has pinned the blame on predecessor Ian Narev for failing to stop selling credit card insurance that some customers couldn’t claim on. Narev told Comyn to “temper your sense of justice” …
Barclays, already rocked by an interest-rate rigging scandal, on Wednesday disclosed new U.S. regulatory investigations into the bank’s financial probity and also said its profit was hit by charges for mis-selling insurance. Its shares fell almost 5 percent, hurt by …
