Big banks

Kenneth Hayne got it wrong on mortgage brokers

Kenneth Hayne got it wrong on mortgage brokers

In the two weeks since the release of the final report into Misconduct in the Banking, Superannuation & Financial Services Industry, rather bizarrely the most contentious recommendation deals not with bank misconduct but mortgage broker remuneration. This was primarily a Royal Commission into misconduct by the big four banks and they were lambasted by Kenneth […]

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The Royal Commission Report – Short term pain for SMEs should be followed by long term gains

The Royal Commission Report – Short term pain for SMEs should be followed by long term gains

The extensive media coverage of the Royal Commission’s findings contain very few references to the SME sector. This is possibly because the report contains only six recommendations, four of which relate solely to the farming sector. We briefly discuss these recommendations then explain why for the foreseeable future SMEs can expect continued pain before exploring […]

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The Wash Up from the Royal Commission. Part 4 in a 4 part series – “This is the Royal Commission we had to have”

The Wash Up from the Royal Commission. Part 4 in a 4 part series – “This is the Royal Commission we had to have”

This fourth and final article reviews the tumultuous last six months and looks to the future as we await Commissioner Hayne’s final report. But first a quick re-cap. When the hearings began, most of us had little idea of lay ahead. Not so for Commissioner Kenneth Hayne and his team, lead by loyal lieutenants Rowena […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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The other reason for removal of ATM fees

The other reason for removal of ATM fees

ATMs are going the way of letterboxes and public phone booths. Emails are replacing letters, mobiles phones are replacing public phones and payment options like Apple Wallet, payWave and cash out are rendering ATMs redundant. In the not to distant future we will be using ATMs about as often as we currently use letterboxes and […]

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