The Wash Up from the Royal Commission. Part 3 in a 4 part series – “How Macquarie gave the big four a lesson in banking”

The Wash Up from the Royal Commission. Part 3 in a 4 part series – “How Macquarie gave the big four a lesson in banking”

Part III in this four part series the “Wash up from the Royal Commission” looks at how the CBA, ANZ, Westpac and Macquarie fared at the RC and identifies five lessons which the big four banks can learn from Macquarie. CBA In October 2017, two months before the Royal Commission was announced, APRA commissioned an […]

Share

Read More →

Read More →

The Wash Up from the Royal Commission. Part 2 in a 4 part series – “How NAB lost its way”

The Wash Up from the Royal Commission. Part 2 in a 4 part series – “How NAB lost its way”

Part II in this four part series is based on my 25 years in NAB’s frontline business, corporate and retail banking network as well as conversations with current and former customers and staff. I left NAB in 2008 so I am unable to rely on personal experience to opine on events after this time. This […]

Share

Read More →

Read More →

The Wash Up from the Royal Commission. Part 1 in a 4 part series – “How much responsibility should the Chairman & CEO bear for NAB’s plight?” NAB’s

The Wash Up from the Royal Commission. Part 1 in a 4 part series – “How much responsibility should the Chairman & CEO bear for NAB’s plight?” NAB’s

Very few saw the Royal Commission steam train coming. Australia is indebted to Commissioner Kenneth Hayne and his team for bringing into the open how and why Australia’s banks have lost their way. We can only speculate what would have happened without this inquiry. As former career banker I have been mesmerised by the goings […]

Share

Read More →

Read More →

Will the new Banking Code of Practice make any difference to SMEs?

Will the new Banking Code of Practice make any difference to SMEs?

The ABA has just released its new and improved Code of Banking Practice, the fourth version since 1993. But bank behaviour has not improved over this time which lends weight to the view these codes are not worth the paper they are written on. So it would be understandable, but unfortunate, if SMEs thought this […]

Share

Read More →

Read More →

Code of Lending Practice launched by fintech SME lenders

Code of Lending Practice launched by fintech SME lenders

Fintech lenders Capify, GetCapital, Moula, OnDeck, Prospa and Spotcap have collaborated with the Australian Finance Industry Association, the Australian Small Business and Family Enterprise Ombudsman, theBankDoctor.org and FinTech Australia to produce a Code that will improve transparency and disclosure in this important alternative source of debt funding for Australian SMEs. The Code will inform SMEs […]

Share

Read More →

Read More →

Prospa, ASIC & the conundrum of Unfair Contract Terms law

Prospa, ASIC & the conundrum of Unfair Contract Terms law

The aborted Prospa IPO raises questions not just about the online SME lender’s compliance with UCT but also ASIC’s role in applying and enforcing this law which came into effect in November 2016. In its prospectus Prospa said “we have reviewed our loan contract in relation to UCT in July 2015 and again in September […]

Share

Read More →

Read More →

Prospa IPO exposes lack of transparency in the unregulated non-bank SME lending market.

Prospa IPO exposes lack of transparency in the unregulated non-bank SME lending market.

Prospa’s impressive growth trajectory is set to receive a boost when it becomes Australia’s first online small business lender to list on the ASX. But the prospectus exposes issues of transparency for the acknowledged market leader in what is a largely unregulated market. Propsa will raise $146m of new capital of which $100m will fund […]

Share

Read More →

Read More →

Will the bank chairmen step up, step down or be sacked?

Will the bank chairmen step up, step down or be sacked?

Scott Morrison says bank boards need to step up, but maybe it would be better if they actually stepped down, starting with the chairmen? CBA’s tattered reputation took another blow today when APRA released this report on governance, culture and accountability at the bank. It will certainly increase the heat on CBA but the Treasurer […]

Share

Read More →

Read More →

How the fall out from the Royal Commission will affect you

How the fall out from the Royal Commission will affect you

I got it wrong when I predicted the Royal Commission wouldn’t amount to much. As a hardened 25 year career banker even I’ve been dismayed by the revelations. There will be more to come later next month when the RC turns its attention to SMEs, but the ramifications from the RC will be far reaching […]

Share

Read More →

Read More →

Improving transparency in the fintech business lending market

Improving transparency in the fintech business lending market

theBankDoctor, Kate Carnell & Fintech Australia have published a detailed report on improving transparency in the fintech business lending sector. This project has been twelve months in the making and represents a line in the sand on industry self regulation which is needed to ensure this rapidly emerging sector fulfills its potential of becoming a […]

Share

Read More →

Read More →

Top