Professional services (324 items)

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Foreign News: Tech execs not a major banking risk

BBVA, one of the most technology savvy banks in Europe, is concerned that the bonus cap is preventing the group from hiring talented executives from the tech sector or on acquiring promising "fintech" start-ups, according to the Financial Times. This has led BBVA to write to ask the European Commission to water down the rule and exclude financial technology specialists as they do not pose a risk to the bank in the same way a "material risk-taker" might. read more

ACCC turns down banks' request for interim authorisation on Apple bargaining

A group of banks applying for authorisation to bargain collectively with Apple over access to the NFC chips in iPhones have failed in their bid to secure interim authorisation.The Australian Competition and Consumer Commission announced on Friday that, given the complexity of the issue, it needed more time to consult and consider the views of industry, consumers and other interested parties.The ACCC said the normal authorisation process would take around six months. It said its decision not to grant interim authorisation was "not indicative of whether or not a draft or final authorisation will be granted." read more

ASIC discovery 'tip of BBSW iceberg'

The plaintiffs in a new, and US centred, class action directed at five Australian banks and more than a dozen other defendants on allegations of manipulating short term interest rate benchmarks have taken a cocky, and even arrogant, tone in their statement of claim.The defendants, including Australia's four major banks and Macquarie, have been sued in the US District Court by two US hedge funds and a derivatives trader (as reported in Banking Day on Friday).The plaintiffs, in language more colourful than employed by ASIC in civil proceedings in Australia, contended the banks engaged in a "multi-year conspiracy" that was "persistent, pervasive, and secret."The plaintiffs said they "believe that substantial evidentiary support for the claims alleged will be unearthed after a reasonable opportunity for discovery." read more

Muted response to banks' ACCC mobile wallet application

The deadline for submissions to the Australian Competition and Consumer Commission from interested parties on the application by a group of banks to bargain collectively with third-party mobile wallet providers has passed with only six submissions filed. read more

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