Australian-owned Bank (460 items)

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NAB and Westpac correct advice on strife

A drastic pair of corrections from past disclosures - from NAB, mainly, and also Westpac - features in an update from ASIC on Friday on the state of play (and the compensation costs) from "fees for no advice" in the industry.AMP, ANZ, Commonwealth Bank, National Australia Bank and Westpac "have so far repaid more than A$60 million of an expected $200 million-plus total in refunds and interest for failing to provide general or personal financial advice to customers while charging them ongoing advice fees," the Australian Securities and Investments Commission said on Friday. read more

Briefs: AFG punts for status quo, IMB Tier 2 bonds

AFG has asked regulators to keep a watchful eye on the big banks to ensure they do not use the government's recently announced major bank levy and the findings from their own ABA remuneration review as justification for changes that reduce the financial viability of providing broking services. read more

Briefs: Moore's irrelevance, and RBA tone softens

We've worked out readers find our news briefs pretty useful. Some days the briefs get more readers than views on the lead article and hits on other stories the editors thought warranted more time and length.Today's collation picks the best of the routine news flow since Friday morning. Old hat if you're a heavy business news consumer. It's a service for others. (And even select tasters for Monday's edition of Banking Day.)The routine news flow - thanks to the Fairfax strike since Wednesday - had a different calibre on Friday and today. Our brief on the RBA missive of the day, its Statement on Monetary Policy and its muted media reception elaborates. read more

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