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).
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Anti-money laundering due diligence rules to be tightened
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27 May 2013 7:13amBanks and other organisations with reporting responsibilities under anti-money laundering and counter-terrorism financing legislation may have to conduct far more comprehensive customer due diligence, if changes being considered by the AML/CTF regulator are adopted. » read more »
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FX shift may cull kangaroo bonds
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27 May 2013 7:12amThe value of the Australian dollar relative to the US dollar has plummeted since the decision by the Reserve Bank's board to cut the official cash rate to a historic low at its May meeting. » read more »
- ASIC unpicks Storm settlement
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27 May 2013 7:12amASIC has appealed the Federal Court's recent decision to approve an A$82 million settlement between former Storm Financial clients and Macquarie Bank. » read more »
- Briefs: ANZ moves jobs to NZ, CBA gripes on APRA costs and Nimble contracts clarified
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27 May 2013 7:11amNimble Australia to end 'continuing' contracts in June; New Zealand in Chinese currency conversion deal. » read more »
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ARCA told to re-write Credit Reporting Code of Conduct
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24 May 2013 6:49amSubmissions in response to a draft Credit Reporting Code of Conduct issued earlier this year have slammed the document, saying its writing is too complex, it is not a practical and, in some areas, it is not aligned with the legislation it is supposed to support.
» read more »
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Columbus and ANZ make their defence against Pioneer's claims
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24 May 2013 6:46amA legal wrangle over the interest rate that applies to loans provided by Columbus Capital to a mortgage manager may turn, in part, on whether Pioneer Mortgage Services acquiesced to changes in terms several years ago.
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GE consumer finance seeks new owners
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24 May 2013 6:45amGeneral Electric is considering spinning off its consumer finance business in an IPO, a decision that may have ramifications for its Australian offshoot. » read more »
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ThinkSmart returns to profitability
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24 May 2013 6:44amThinkSmart has issued profit guidance, saying it expects to report a net profit of around A$500,000 for the six months to June – an increase of $2 million over the previous corresponding period. » read more »
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Briefs: Former Dominion CEO goes to jail, Payday lender changes ads, BOQ prices new capital markets issue
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24 May 2013 6:42amFormer Dominion Finance CEO goes to jail; Payday lender Nimble Australia changes misleading adverts; Bank of Queensland back in the capital markets.
» read more »
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Three vie for sub-prime car lender
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23 May 2013 6:54amThe finance company behind sub-prime car lender Motor Finance Wizard remains in the red for the third year running, disclosure documents relating to the forced sale of the business show. » read more »
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Resimac and AMAC bid for RHG
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23 May 2013 6:53amMortgage lender Resimac has made a A$130 million offer to acquire the mortgage assets of RHG Ltd. » read more »
