Archive for Compliance & risk
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Removing exit fees not the answer says Mortgage Choice chief
NEWS Removing exit fees on mortgages will damage competition and result in lenders simply shifting fees says Michael Russell, chief executive officer of broker Mortgage Choice. "The issue around removing exit fees is one the Government needs to tread carefully on," says Russell. He argues most...
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Bankers worry about political interference, but less losing sleep in Australia
Political interference has overtaken liquidity as the next ‘banana skin’ the financial sector is likely to slip on, reveals the latest survey of bankers from the Centre for the Study of Financial Innovation. The survey of 450 senior executives from banks, analysts and regulators in 49 countries ...
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Transparency is the new black in banking
Banks need to refocus on their essential social and economic functions if they are to rebuild trust in the eyes of the public, argued the head of the UK’s Financial Services Authority in September. Lord Turner also called for a return to basics, rather than “over-complex products of no real use ...
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Online savings threatened by new prudential framework
The providers of Australia’s most popular online savings accounts are preparing to go head to head with APRA over proposed changes to prudential standards that could threaten their entire business model. The regulator is updating Prudential Standard APS 210, which deals with liquidity risk man...
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Let’s have a debate about bank account portability
Australia’s payments industry has dodged a bullet in the latest review of payment system reforms, but will need to continue to develop the EFTPOS scheme and M@MBO project if it is to convince the Reserve Bank to step away entirely from interchange fee regulation.Although the industry has revived M...
