Finance regulation (814 items)

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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

Richer mortgage data a stress for select ADIs

"Uuhmmm, we're not too sure that we, or some other banks we know well, will be able to easily find the most reliable data on that", a handful of banks have more or less told the banking regulator, when advised they and the sector must prepare to report in a more detailed fashion on mortgage lending metrics. 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

Maestros evade S&P ratings razor

Navigating fraught terrain, S&P Global Ratings yesterday spared all the major banks and six lesser Australian banking names from its epic ratings downgrade that embraces 23 entities, most ADIs and a handful of non-banks. S&P's sparing of the major banks is one conundrum for a banking sector under ever closer scrutiny.As recently as seven or eight weeks ago, S&P planned to feature all four of Australia's major banks in the near sector-wide reset one notch lower of rated Australian banks. S&P sets out the macro risk in Australia plainly, saying the country's banking sector faces "an increased risk of a sharp correction in property prices and, if that were to occur, a significant rise in credit losses." read more

Comment: Bank tax maths will add up in time

The four or five or more Australian and foreign banks that will be made to pay the planned liability levy will shell out, in aggregate, no less than the A$6 billion the Australian government (with popular support) has resolved to collect.Industry PR has the four biggest banks projecting a tax take less than two thirds the budget estimate. Revisit the models' assumptions. The tax collectors and the new tax are both unavoidable. read more

NAB and Westpac correct advice on strife

A drastic pair of corrections from past disclosures - from NAB, mainly, and also Westpac - features in an update from ASIC on Friday on the state of play (and the compensation costs) from "fees for no advice" in the industry.AMP, ANZ, Commonwealth Bank, National Australia Bank and Westpac "have so far repaid more than A$60 million of an expected $200 million-plus total in refunds and interest for failing to provide general or personal financial advice to customers while charging them ongoing advice fees," the Australian Securities and Investments Commission said on Friday. read more

Foreign banks an asset in liability levy wrestle

A couple of tactics by larger banks to unsettle the debate over the liability levy unveiled in this month's federal budget may be working, with key voices in Canberra echoing the industry's arguments.Treasurer Scott Morrison is also playing mind games, asserting "not all the [big] banks have the same position" on a tax that is drawing fire from the biggest banks, at least collectively.Nick Xenophon, a deal maker in Senate manoeuvres and proponent of a banking Royal Commission, made clear on Sunday he wanted to widen the scope of the tax to more banks and also divert some of the revenue to pet priorities with a banking theme.The still secret draft bill for the tax will be rolled out in public and into the parliament "in the next sitting fortnight", with no exact date yet stated.MPs are sitting four days this week and four days next week. There's two more sitting weeks at the end of June to wrap it all up. read more

Briefs: AFG punts for status quo, IMB Tier 2 bonds

AFG has asked regulators to keep a watchful eye on the big banks to ensure they do not use the government's recently announced major bank levy and the findings from their own ABA remuneration review as justification for changes that reduce the financial viability of providing broking services. read more

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