Australian-owned Bank (483 items)

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Briefs: Ramsay EDR review done, Walter on advice watch, Medcraft digs bank crowd challenge and more

A panel headed by Professor Ian Ramsay into external dispute resolution schemes, including the Financial Ombudsman Service, the Superannuation Complaints Tribunal and the Credit and Investments Ombudsman, has handed its final report to the Australian government.Andt he Australian government has appointed Cathy Walter (pictured) as the chair of a new body set up to "professionalise" the financial advice sector. read more

Unfit banks a year away from Apple Pay

It may take the best part of a year for the four banks that sought to boycott Apple Pay to change direction, make up with the US technology giant and bring the payment app to market.The Australian Competition and Consumer Commission on Friday denied the four banks authorisation to engage in a collective negotiation and an 18 month limited collective boycott with Apple over a payments option already supported by dozens of rival banks.In all likelihood, the ACCC concluded, credit card and debit card issuers, including the four banks, "will eventually offer Apple Pay to their cardholders in Australia on Apple's terms."For fintech and innovation enthusiasts, the ACCC analysis of this controversy casts a cloud over the effectiveness of the Australian industry's hubs, labs and product fluff, with the competition regulator showering praise on an array of nifty methods and models that may upset banks' payments models. read more

Comment: Banks to the ACCC wallets slaughter

A strange episode in modern Australian banking history is near its end, with CBA, NAB and Westpac humiliated - inevitably - by the ACCC over Apple Pay. Apple won hands down on practically every argument over detriments from the oligopoly's try on for a collective bargain and boycott. The ACCC liked only one bank argument on public benefits, but this was nowhere near enough for the banks to prevail.As with the draft decision from 2016, it's California handset and operating system rivalries that matter.Google versus Apple. Android Pay versus Apple Pay.Australian banks never had a hope. Nor are the key decision makers at any of the banks on the verge of taking responsibility for green lighting the boycott scenario. read more

'Harsh' bankruptcy law leaves Great Southern borrowers in limbo

A pair of "Great Southern" borrowers that owed A$1.4 million to Bendigo and Adelaide Bank will linger in bankruptcy years longer than the conventional three years, following a late intervention by the bank. An appeal to the Full Court of the Federal Court of Australia has upheld an earlier decision, an outcome labelled as "the result of an uncritical assimilation in the Bankruptcy Act of personal insolvency agreements with compositions." read more

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