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Latest news and insights on banking and finance in Australia and New Zealand, as delivered in the daily 7am Banking Day email news service (subscribe or take out a free trial).

Brief: Smartpay launches into taxi payments, Storn Financial settlement questioned by victim
18 December 2014 7:15am
Smartpay Taxis, the newly launched subsidiary of payments provider Smartpay Australia, has signed up its first major customer, Cabit Taxicabs, one of Victoria's largest taxi companies. » read more »
Columbus mortgage facility fee blocked
18 December 2014 7:04am
Columbus Capital has found itself in dispute once more with a key mortgage manager, this time over a unilateral fee introduced by the funder.

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Closing money remitters' accounts equals financial exclusion
18 December 2014 7:02am
The remittance industry provides international money transfer services for migrant workers and others looking to send relatively small amounts of money overseas, but is under threat of "unintended consequences" from too-stringent regulation and stingy Australian banks, a new research paper suggests.

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Push for a Reserve Bank rural lending mandate slammed
18 December 2014 7:00am
The latest effort by minor party politicians to secure a populist mandate for the Reserve Bank of Australia to finance the rural sector is receiving the expected push back from industry and government.

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BOQ proves wife knew full effects of guarantee
18 December 2014 6:59am
Justice David Jackson, in the Supreme Court of Queensland, has dismissed a claim of "special disadvantage" by a wife who guaranteed several Bank of Queensland loans including one for $773,000 that was backed by the family home and payment of interest.

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Financial services executives sceptical of regulation wave
18 December 2014 6:53am
Nearly half of the executives at banking and financial institutions believe regulation has failed to ensure industry stability. All the same, opinions have grown more positive over the last three years, a new international survey has found.

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Allan Hawkins' finance firms in criminal proceedings
18 December 2014 6:50am
The New Zealand Commerce Commission has filed criminal proceedings against two finance companies run by former 1980s high-flyer Allan Hawkins, claiming the lenders' debt recovery practices breached the Fair Trading Act.

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RMBS market looking sound for 2015: Fitch
18 December 2014 6:46am
In a report published yesterday, Fitch Ratings said it expected the ratings and asset performance of Asia-Pacific structured finance transactions a sector dominated by Australian transactions to remain stable over the course of 2015.

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Friendly society profits weaker in 2014
18 December 2014 6:43am
Australia's friendly society sector produced less profit but strengthened its overall capital position in the year to June 2014, a period characterised by improved cash flows.

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ASIC to track financial attitudes and behaviour
18 December 2014 6:42am
ASIC has released a new piece of research exploring key financial attitudes and behaviours of Australian consumers and investors. The agency said its Australian Financial Attitudes and Behaviour Tracker "will also inform and support [its] efforts to promote investor and financial consumer trust and confidence".

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Bank capital a conundrum, even for Murray
17 December 2014 6:19am

The additional capital needs of Australia's banking sector may be "impossible to calculate", David Murray, chair of the Financial System Inquiry, told an industry conference yesterday.


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