Banking royal commission
Need more than a warm inner glow: Call to pay whistleblowers
The man whose actions led to the banking royal commission has backed an inquiry’s call for whistleblowers to be paid, saying it will encourage more to come forward.
- by Shane Wright
Latest
Long-awaited investor compensation scheme gets under way
A compensation scheme offering up to $150,000 to consumers who have experienced misconduct is now operating.
- by John Collett
‘Unsustainable rate’: Financial complaints hit record 100,000 a year
Australian Financial Complaints Authority chief ombudsman David Locke says financial firms could do better at handling complaints to ease pressure on the financial dispute resolution scheme.
- by Millie Muroi
Editorial
For subscribers
Banks short-change loyal savings account customers
The cost of living is a defining issue for most Australians, and while interest rates drive much of their fear, the major banks’ feckless persistence in dubious practices means they are milking customers.
- The Herald's View
Banks found to be charging fees to deceased estates
Six banks, including the big four, have been continuing to charge customers’ accounts after being notified of their deaths, according to the Banking Code Compliance Committee.
- by Millie Muroi
Big banks pay billions to customers burnt in advice scandal
The banks paid or offered $4.7 billion in compensation after a royal commission and ASIC found misconduct around financial advice.
- by Millie Muroi
Million-dollar fines dumped after bankers raised ‘legitimate concerns’
Laws introducing fines for dodgy finance executives have been shelved after several bank bosses expressed their surprise and disappointment.
- by Rachel Clun
Opinion
Class action
$1bn left in the pot: Are you eligible for a royal commission refund?
Banks have now refunded billions of dollars as a result of the dodgy practices revealed by the Banking Royal Commission. But there’s more to be returned.
- by Joel Gibson
‘Unconscionable’: Insurer preyed on Indigenous customers
Insurance company Select AFSL could face a fine after a court found it used pressure tactics to sell insurance policies while rewarding staff with a cruise to the Gold Coast, trips to Las Vegas and Hawaii, and a Vespa scooter.
- by Simone Fox Koob
‘Outrage and mania’: Former NAB chair Ken Henry slams business leaders, politicians
Ken Henry has revealed a litany of failures at the bank while delivering a scathing assessment of Australia’s stakeholder capitalism.
- by Charlotte Grieve
Opinion
Opinion
How the Morrison government lost interest in banking reform
Despite heroic pre-election promises in 2019 following the Hayne royal commission into the banking sector, the Morrison government soon lost its zeal.
- by Ross Gittins