Heritage Bank said Paul Williams has been appointed chief financial officer on a permanent basis. Williams has been with Heritage Bank since 2000, initially as treasurer and more recently as chief strategy and investment officer.  The bank said former CFO Peter Cleary had returned from leave and taken up a position as special advisor to the new CEO. Standard and Poor's Global Ratings has warned that its 'BBB/A-2' ratings for the New Zealand finance company UDC will remain on CreditWatch with negative implications, pending its sale by ANZ Group to the privately owned Chinese conglomerate HNA group. The deal, announced on January 11, is yet to be finalised. "We assess the group credit profile of the HNA group at 'b', down from 'b+'," S&P Global said, citing the HNA group's "aggressive financial policy and risks over tightening liquidity" at a time when its funding costs are "meaningfully higher" than a year ago. In the interim, the ANZ group is expected to remain supportive of UDC.A lengthy and damaging inquiry into the banking system could bring the nation closer to a recession and "economic collapse" if it deters global investors from the local financial sector, Westpac's head of business banking David Lindberg, told a business lunch in Sydney yesterday. As reported by The Australian, the warning comes as momentum builds for a royal commission into the banking sector, with Greens leader Richard Di Natale yesterday offering his party's support for a commission of inquiry into the banks proposed by National senator Barry O'Sullivan, following a string of amendments to proposed legislation. The 27 directors of the big four banks-sponsored super funds are being paid $183,000 a year on average — about twice as much as employer and union-nominated directors of industry funds, who have come under attack for passing their fees to unions and employer groups. The Australian reports that Industry Super Australia, which is fighting a government bill to put more independent directors on super fund boards, said the analysis showed the plan would have the effect of putting more financial services professionals on super fund boards. Commonwealth Bank of Australia is launching a major overhaul of its lending policies in a bid to "ensure the long-term sustainability of the property market", the AFR reports. The review will include toughening of existing lending policies, such as increasing deposits, and the introduction of new measures that will make it harder for borrowers in higher risk suburbs to get loans. Borrowers will face more rigorous scrutiny of their capacity to repay loans, such as more evidence of any other liabilities and commitments that might impact their long-term capacity to service their outstanding debt.