ANZ chief executive Mike Smith told David Murray yesterday that the final report of the Financial System Inquiry should stay broad and not make recommendations concerning the precise levels of capital that banks should hold, the AFR reports. A series of speeches by Murray suggesting the financial system needed to be made more resilient has been seen by banking analysts as a pointer to the likelihood of higher bank capital. Westpac Banking Corp chief executive Gail Kelly was also at the meeting. Roy Morgan Research indicates that over a quarter of Medibank members directly own share portfolios, worth a total of A$50 billion, while also holding an estimated $94 billion in bank accounts. This distinct predisposition towards share ownership, combined with ready cash, means the mooted A$4 billion to $5.7 billion float of Medibank in December could garner strong retail investor support, particularly if the health insurer's members are offered preferential allotments. Accounting and financial planning firm Chan & Naylor has signed a joint venture partnership with mortgage originator Origin Finance to form a finance broking business, Chan & Naylor Finance. The group plans to recruit new brokers and expand beyond its current base. It will specialise in investor and SMSF loans. Moody's Investors Service says its outlook on Australian asset backed securities and residential mortgage-backed securities performance remains stable, despite an expected incremental rise in delinquencies. Australian auto ABS performance was stable in July 2014 with delinquencies in excess of 30 days decreasing marginally to one per cent, from 1.1 per cent in June. Australian prime RMBS performance was stable in July 2014, with delinquencies in excess of 30 days remaining at 1.4 per cent. Mary Carol Harris, director of mobile at Visa Europe, will help lead Apple's expansion into Europe's mobile payments sector, Mobile Payments Insider reports. Harris previously headed up NFC at Telefonica. She switched to Visa in 2008, initially as a senior manager in the mobile payments unit before progressing to the joint role of vice president and head of strategic alliances and projects in mobile, contactless and innovation. New Zealand owned insurer Pinnacle Life has appointed former BNZ strategy director Michelle van Gaalen as Chief Executive from November 5. Van Gaalen left National Australia Bank's BNZ as part of a management reshuffle announced on Wednesday. She replaces Pinnacle Life founder Noel Vaughan, who will remain as a director.