APRA wants more action on climate

The Australian Prudential Regulation Authority says it is embedding the assessment of climate risk into its ongoing supervisory activities, and it wants the financial services industry to do more to identify risks and develop mitigation strategies. read more

Fitch gloomy about LMI outlook

Concerned about competitive threats in the mortgage insurance sector and a weak housing market, Fitch Ratings has downgraded QBE Lenders Mortgage Insurance Ltd and revised the outlook for Genworth Financial Mortgage Insurance to negative. read more

Fintechs bask in Bank of England glow

More than 10 per cent of 2017 UK payment card revenues “have been taken by new firms,” and fintechs may not have to mess about waiting for a banking licence to feast at the big banks’ club, with the new breed of non-banks soon to be granted the right to post deposits, or “reserves” with the central bank, at least in the UK. read more

Westpac to axe 300 BT staff

Westpac is poised to announce a major redundancy program in its BT Financial Group subsidiary as early as next week following its strategic decision in April to exit financial advice. read more

Bank fee income flat

The removal of ATM withdrawal fees by a number of banks reduced total bank fees charged to households in 2018. But this was largely offset by the continued increase in small business fees. read more

Westpac unfair dismissal claim dismissed

The Fair Work Commission has rejected an unfair dismissal claim brought by a Westpac regional manager, whose role was made redundant but who was also on extended sick leave and was the subject of a misconduct investigation. read more