Natasha Kelso, national manager of broker sales for Credit Union Australia will jump across to the same job at Bank of Queensland. Kelso will take up the post as head of BOQ Broker from June 18. In a media release, Anthony Rose, the acting group executive for BOQ's retail bank, said "We have seen major growth in our BOQ Broker channel over the past few years." Following a ruling in New Zealand's High Court, peer-to-peer lender Harmoney is likely to have to compensate borrowers for wrongly charged credit fees. The Commerce Commission said it was pleased with the ruling that Harmoney's so-called "platform fee" is a credit fee, and it would now consider its "next steps". According to interest.co.nz, this is likely to involve the commission seeking court orders to compensate affected borrowers who were charged what the commission described as "unreasonable fees". Harmoney argued the "platform fee" it charges to arrange a loan was akin to brokerage fees and not captured by the Credit Contracts and Consumer Finance Act. The High Court ruled that it was a credit fee and therefore, under the CCCFA, Harmoney could only recover transaction-specific costs. Interest reports that Harmoney currently charges $450 to arrange a loan, with the fee being added to the loan amount Analysis of Reserve Bank of New Zealand data by stuff.co.nz shows the kiwi subsidiaries of the Big Four banks are 26 per cent more profitable than their Australian parents. ANZ makes more per capita from New Zealanders than any big bank in Australia makes from Australian customers, Stuff reports. Last year New Zealand banks reported a combined NZ$5.19 billion in profits, with new RBNZ governor Adrian Orr saying it was perplexing that the industry was supposedly highly competitive yet had such solid rates of return on capital. The banks' only explanation is that technology is lowering their costs significantly, Orr said. Stuff reports Sam Stubbs, founder of superannuation provider Simplicity, adding his voice to calls for an inquiry into banking and financial services conduct. But one voice so far silent on the issue is deputy Prime Minister Winston Peters, who before the election (and his elevation into power as part of the Labour-led coalition) was very vocal in calling for an inquiry into the behaviour of the Australian banks in New Zealand. That policy of Peters' New Zealand First party failed to make it into the coalition agreement.