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'One stop' all EDR rot for CIO followers

A myriad of smaller financiers and fringe firms are gearing up for a lobbying campaign to block or reset the proposed "one stop shop" for dispute resolution.Six industry associations covering hundreds of firms aligned with the Credit and Investments Ombudsman scheme yesterday called on the government "to abandon its plans to establish a single monopoly EDR scheme."This pack fret that scheme costs of the "one stop shop" will be even higher than they now are at the Financial Ombudsman Service, the scheme of choice for big banks. read more

Mutuals rattled amid S&P ratings clutter

Around a dozen mutual banks or credit unions, including one ASX listed bank, find their debt securities ineligible for use in repurchase operations with the Reserve Bank of Australia as of yesterday, thanks to an S&P Global Ratings downgrade that yanked the credit ratings of this group one notch lower.Quick punditry by sell-side analysts on the debt side settled on the smaller, and mostly mutual ADIs as the sub-set of Australian banks whose cost of funds in institutional markets may be most affected by the ratings jolt. read more

Levy and team Turnbull stretches industry all round

Australia's four largest banks are the political and fiscal bullseye for a savvy tax of IMF design. Labelled a levy, the tax is projected to cost the industry A$6.2 billion over four years. This is a shade less than five per cent of the combined cash profits of ANZ, CBA, NAB and Westpac over the year to March 2017.To patrol the inevitable and redundant flap over who bears the cost the Australian Competition and Consumer Commission will undertake a residential mortgage pricing inquiry slated, for now, to last until June 2018. read more

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